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Pakistan Steel Mills will not be privatized: PM

August 10, 2012

Raja-pervaiz-PM-AP-670
Prime Minister Raja Pervez Ashraf. — AP File Photo

KARACHI: Prime Minister Raja Pervaiz Ashraf announced a special package of two billion rupees for the employees of Pakistan Steel Mills (PSM), DawnNews reported.

Referring to the demands presented by the workers, the Prime Minister said despite limited financial resources, the government will provide maximum facilities to the workers of PSM.

He announced to give Rs 2 billion with immediate effect and directed the Ministry of Finance to provide this amount without delay before Eid ul Fitr.

He said with the improvement of production, the government would provide more incentives.

PM Ashraf announced that PSM will not be privatized and efforts would be made to convert it into a profitable institution and ensured that it will be financially feasible and viable.

Addressing a function here at the PSM, the prime minister said no one would call PSM a “white elephant” as it will feed to all other industries in the country.

The Prime Minister assured that the payments of the PSM bailout package would never delay.

He said the PSM has to achieve some goals, like increase in the production, and urged them to reach to the achievable production.

He expressed the hope that the workers of the PSM will be able to improve the production of their institution.

He said despite its 2.5 lakh tonnes production of the PSM, it is still not sufficient as its expenditures are more and its income is low.

The Prime Minister said the government will ensure the payment to the PSM out of the package of Rs 14.8 billion.

He said if the production will be fifty percent of the milestone, the finance ministry will provide Rs 1 billion more.

The Prime Minister said government wants to improve its institutions.

He said PSM is a great institution and its foundation was laid by Shaheed Zulfiqar Ali Bhutto.

Prime Minister Raja Pervez said the dedication, devotion and determination of the workers of the PSM indicate that they will progress rapidly.

He said PPP is not only the biggest ever political party and its a federal party that has its base within the people, adding, people are the real strength of this party.

He said democracy is the destination and PPP gave sacrifices for democracy.

The prime minister said that the creation of the mill was one of the great achievements of Pakistan People’s Party (PPP) founder Zulfikhar Ali Bhutto. “The present situation of PSM was disturbing, he added.

The Prime Minister said, Zulfiqar Ali Bhutto took the politics from the drawing rooms to the common man and gave them the right to vote.

He said, “I am also a worker and belong to a middle class and it is due to the PPP that a member of a middle class became prime minister of the country.”

The Prime Minister said he easily understand the problems and feelings of middle class and lower middle class people.

He said the federal finance minister has been asked to find a solution to the problem of PSM.

Governor Sindh Dr Ishrat ul Ebad, Chief Minister Qaim Ali Shah, Defense Minister Syed Naveed Qamar, Finance Minister Abdul Hafeez Sheikh and Information Minister Qamar Zaman Kaira were also present at there.