KARACHI, May 3: Federal Minister for Industries, Production, Privatisation, Ports and Shipping Syed Naveed Qamar said on Saturday 10 per cent shares of Pakistan Steel Mills (PSM) will soon be offloaded in stock market to finance its modernisation and expansion plan.

The minister, in his comments after visiting various plants of Pakistan Steel, said the process of modernisation and expansion of this mega steel mills project would be initiated soon. Its production capacity would be enhanced from the existing 1.7 million metric tons per year so that it could meet maximum domestic steel demand.

He said the PPPP-led coalition government would promote corporate culture in the state-owned mega organisations like Pakistan Steel.

He said the government was working on the policy of self-reliance and it had taken initiative to exploit the domestic mineral deposits to meet the raw materials requirement of PSM. This also would help save national exchequer for other development purpose.

He said PSM employees/workers would be provided maximum relief.

Their salaries/wages would be improved along with other facilities/initiatives. Pakistan Steel Workers’ Union would also be soon restored, he said.

The minister expressed satisfaction over the performance of Pakistan Steel.

He, however, asked the management to further improve the performance by pursuing the positive economic, industrial, investment and trade policies of the government.

He appreciated that the capital repair and maintenance work of the Coke Oven batteries would be completed on the schedule and as a result there would be significant increase in the steel production.—APP