PM constitute 3 members committee for Pakistan Steel Mills financial bailout

April 12, 2013 Off By Web Desk

Islamabad: Prime Minister Justice (R) Mir Hazar Khan Khoso has constituted a three members committee comprising Secretaries Ministries of Finance, Production and Chief Executive Officer of the Pakistan Steel Mills to give concrete and practical recommendations to overcome Pakistan Steel Mills present financial woes.

The Prime Minister was presiding over a high level meeting to review the overall performance of PSM, its issues and challenges, at the PM’s House on Friday.

The meeting was attended by Federal Minister for Production Shahzada Ahsan Ashraf Sheikh, representatives of Ministries of Finance, Planning and Production and Management of PSM.

In his briefing Mr. Shahid Ullah Baig, Secretary Ministry of Production apprised the Prime Minister of history, issues and performance of PSM.

The Prime Minister was told that basic cause of the losses incurred by PSM was its inability to utilize its capacity and that steel mills would break even only if its production was 75% of the total capacity.

The Prime Minister was also told that four bailout packages were given to PSM but they could not impact on its performance as the financial commitments made, were released in piecemeal.

Prime Minister Mir Hazar Khan Khoso said that PSM is a strategic asset and that it should be managed in a manner that the losses can be reduced.