KARACHI, Nov 30: Industries and Production Minister Liaquat Ali Jatoi has appreciated Pakistan Steel for overcoming losses and gaining profitability in a short span of time and asked other industrial concerns to emulate this example.

The minister assured his cooperation regarding conversion of debts of Pakistan Steel into equity and bringing to an end unnecessary mark-up.

He was addressing the senior officers of Pakistan Steel during his first visit to the concern after assuming the charge of minister for industries and production. He stressed the need of expanding production of Pakistan Steel and assured his assistance in this respect.

The minister expressed his pleasure that Pakistan Steel has attained profitability and is also repaying its debts and dues which is a big success in a difficult period. He also lauded the services of chairman of Pakistan Steel, Mohammad Afzal Khan.

Mr Jatoi also assured cooperation towards steps for the progress and development of Pakistan Steel. He said Pakistan Steel as well as any other organization would not be allowed to become a ‘political arena’ and any attempt to disrupt work would be foiled.

The minister was of the view that for provision of jobs instead of burdening any industrial concern efforts would be made to set up more industries and developing them.

Liaquat Jatoi also emphasized the need of usage of local raw material resources and pointed out that in this connection in collaboration with the Ministry of Petroleum and Natural Resources efforts would be undertaken for making usable as early as possible iron ores reserves found in Balochistan.

Earlier, giving a briefing, Col Afzal pointed out that in the last fiscal year Pakistan Steel had earned a profit of Rs90 million, whereas in the year 2000-01 the profit was to the extent of Rs550 million.

In the meantime, the organization retired debts of Rs4.67 billion that were payable to banks. Under the voluntary retirement scheme, a sum of Rs4.31 billion was paid to the retiring employees. In all, dues worth Rs9 billion were paid, he added.

Col Afzal said in the first five months of this fiscal year products worth Rs8.37 billion were sold which is an all-time record. Last year the total sale stood at Rs5.9 billion.

He said a 91-per cent production was achieved in November and in the current year 90 per cent production would be attained as compared to 80 per cent last year, which will substantially increase the profits.

Chairman Pakistan Steel pointed out that a plan had been prepared for producing more products and that this plan of reverse integration had been sent to the Ministry of Industries and Production for approval.—APP