KARACHI, Jul 7: Pakistan Steel has achieved record sales of more than Rs31 billion, earned net profit of Rs6 billion, contributed more than Rs8 billion as sales and income tax to national exchequer in 2004-05.

This has been achieved through old PS plants which lacked capital repair and maintenance over last 25 years, Chairman Pakistan Steel, Lt-General (Retd) Abdul Qayyum informed Senate Standing Committee on Industries and Production during a briefing at PS Operational Building here on Thursday.

Led by its chairman, Senator Akram Wali the Senate Committee included State Minister for Information, Senator Ms Anisa Zeb Tahirkheli, Senator Ahmed Ali, Senator Farhatullah Khan Babar, Senator Saadia Abbasi, Senator Professor Ghafoor Ahmed.

Committee Chief, Senator Akram Wali underlined the need for developing a strong steel sector to boost economy.

The senate committee noted that the PS employees through hard work and under difficult working conditions over last couple of years had turned around the mills.

Some of the members also raised the issues pertaining to rationale and modalities for contemplated privatization of the PS.

They showed their concern over dilapidated state of the plant, which remained neglected for the last more than two decades and required immediate revamping and up-gradation of old automation systems and technologies.—APP