PESHAWAR: The Federal Cabinet on Wednesday approved a revival plan for Pakistan Steel Mills (PSM) to make it a profitable national entity.

The meeting of the Federal Cabinet was held here at the Governor House with Prime Minister Syed Yusuf Raza Gilani in the chair.

Briefing the media regarding the decisions taken in the meeting, Federal Minister for Information and Broadcasting, Dr Firdous Ashiq Awan said the Ministry of Production presented suggestions and priorities for the revival of PSM.

The officials of Ministry of Finance and PSM were also present in the meeting and gave their input for the improvement of the institution.

The cabinet directed to constitute a committee for the PSM, on the pattern of Pakistan Railways, and appointment of a professional and competent Chief Executive Officer (CEO) for PSM and to fill the three vacant posts of its Board of Directors (BoD).

The BoD of the PSM consists of 12 members and presently it has nine members.

In order to overcome the financial losses of PSM, Dr Firdous said the government has already given two packages of Rs. 30 billion. But, for sustained growth it also required some organizational and professional reforms, she added.

She said that the holding of the meetings of Federal Cabinet in the provinces was a vision of the prime minister to strengthen federating units and promote national harmony.