KARACHI, June 24: The chairman, Pakistan Steel (PS), Lt Gen (Retd) Abdul Qayum has said that the government is determined to finalize the privatization of Pakistan Steel on fast track by December 31, 2005 to minimise the risk period.

Addressing the members of the 21st Century Business and Economic Club in a talk on Saga of Pakistan Steel Mill Transformation, he said that in view of the past experience and prevalent geo-economic realities, the government has taken a firm stand of staying away from business concerns and leaving them to private sector.

He said that this of course warrants an in-depth cost benefit analysis of each unit being privatized, its strategic significance, stakeholders’ interest and monopoly repercussions, says a press release of Pakistan Steel.

“I am sure that the ministries concerned are carrying out a threadbare analysis of these issues before privatization,” he said.

At present, Pakistan Steel immediate problem was 25 years old plant which urgently needed overhauls, he said. “We have to keep the plant running smoothly without capital investment unless it is privatized,” PS chairman said adding this of course is fraught with risk and danger because some of the critical units are beyond local repair and need major overhauls.