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October 24, 2019
Business Latest Pakistan

Options proposed for revival of Pakistan Steel Mills

KARACHI: The meeting of the Board Business Development Committee (BDC) of Pakistan Steel Mills (PSM) was held on 16th and 17th January 2019 at Pakistan Steel Mills Karachi.

This was first meeting after removal of PSM from the list of public sector enterprises to be privatized.

The meeting was chaired by Mohammad Raziuddin, Chairman Board BDC. The Committee made extensive deliberations on possible options to restart PSM.

The PSM is closed since June 2015 due to multiple reasons and all efforts to revive the largest industrial unit of the country have failed so far.

The PTI after coming into power last year have intensified efforts to revive the sick unit and operationalize it.

It is to be mentioned here that recently the Economic Coordination Committee (ECC) of the Cabinet has given further three months time for putting up a plan for operationalisation of Pakistan Steel Mills (PSM),

The ECC, which met under the chair of Finance Minister Asad Umar, had discussed the issue of the PSM. The Ministry of Industries and Production shared with ECC progress on the study regarding operationalization of Pakistan Steel. The ECC desired for early completion and submission of the study.

Earlier, the ECC on November 7, 2018 had directed the Ministry of Industries and Production to put up a plan for operationalisation of PSM within 60 days, which prompted the advisor to the prime minister on commerce, industries & production, textile and investment to constitute an expert group to propose various options for revival of the PSM. The expert group informed the ECC that it was working on formulating various options and in view of the enormity of the task and other commitments could not complete the task within two months period. The ECC has decided to give further three months for presenting the revival plan for the PSM.