KARACHI, Feb 28: Secretary Ministry of Industries and Production, Dr Akram Shaikh has asked the Pakistan Steel to expedite the implementation of the first phase of expansion plan to take production capacity to 1.5 million tons from 1.1 million tons per annum and show concrete results by the end of current fiscal year, says a press release.

In a review meeting held on Friday, he advised the management to set up teams of experts to monitor progress in all possible directions relating to expansion plan and complete whatever aspect is possible in the shortest possible time.

The secretary was informed by the management that the Pakistan Steel had achieved a profit of Rs353 million during July-February 2002-2003 against the budgeted target of Rs60 million for the year 2002-2003. Dr Shaikh asked the management to try to enhance the profit to Rs500 million as desired by the Federal Minister, Liaquat Ali Jatoi in the last meeting.

Pakistan Steel sales had touched Rs14.93 billion in July-February 2002- 2003 and were expected to cross Rs20 billion by the end of current fiscal against the budgeted target of Rs18.56 billion.