KARACHI, Oct 28: Pakistan Steel chairman Lt Gen (Retd) Abdul Qayum has sought written suggestions from every employee of the steel mill about the privatization package. Employees have been asked to submit their proposals by November 15, 2005.
Addressing workers and employees at the Metallurgical Training Centre on Friday, he said the Privatization Commission would make every effort to sell the plant to a credible buyer who should give the guarantee for revamping and expansion of the plant to three million tons per year capacity. “This will create new jobs and bring in foreign sophisticated technology including automation”.
He said that President Pervez Musharraf in his visit to the PS had assured the Pakistan Steel management that stakeholders’ interest would be protected at all cost.
Pakistan Steel recorded sales of Rs31 billion and net profit of Rs10 billion in 2004-2005, he said.
Steel Mills employees get unprecedented three bonuses, 15 per cent increase in basic salaries and 20 per cent increase in hazard allowance with effect from July 12, 2005. As many as 25 assistant managers have been confirmed and 421 daily wagers, in addition to 646 earlier confirmed, were upgraded to contract job.
