Minister assures support to PSM
KARACHI: Federal Minister for Industries and Production Ghulam Murtaza Jatoi has assured that the government will extend full support to Pakistan Steel Mills (PSM) to make it a viable entity.
PSM CEO retired Maj-Gen Zaheer Ahmed Khan briefed the minister about financial and other matters of the mills on Tuesday.
He said the government had provided financial restructuring package of Rs18.5 billion during the last financial year.
ECC approves Rs18.5bn restructuring plan for PSM
The CEO stated that if the government continues to provide Rs7 to 8 billion in the next two years for its further restructuring and permission to induct technical and professional manpower, the organisation has a great future.
Moreover, the CEO stated that the expansion of PSM is the need of the day. Plant of such size is not economically viable. Efforts may be made for its expansion in phases.
The federal minister also met CBA Chairman Shamshad Qureshi at the operational building.
Published in Dawn, July 16th, 2014