ISLAMABAD: Prime Minister Raja Pervez Ashraf said on Wednesday, he was sure that Pakistan Steel Mills (PSM) would stand on its feet after structural reforms brought about by the Cabinet Committee on Structural reforms.

The prime minister was talking to Maj-Gen (Retd) Muhammad Javed, Chairman of Pakistan Steel Mills who called on him at the PM Secretariat and thanked him for the bailout package of Rs 14.6 billion, which would be a step forward for attaining breakthrough.

The chairman said that out of this money, the company would import ore and coal to increase its production and also meet the carry-forward liabilities of PSM.

The chairman hoped that by the end of this year, the management would attain 60 per cent production capacity and attain target of 80 per cent by the end of year 2013.

The chairman also requested for modification in ore the scraping of SROs, which he said, were discriminatory and thus hampering the production of the PSM.

The prime minister said that the Pakistan Steel Mills was mother of all the industries, and a great national asset whose idea was conceived and implemented by former PM Zulfiqar Ali Bhuttoo.

The prime minister said that he was very keen to see the PSM develop as a self-reliant and profitable national enterprise.

The prime minister expressed his confidence in the leadership of new management of the PSM, adding that the reforms would make it self-sufficient.