Lieutenant General (Retired) Abdul Qayyum chairman of PSMC said That Pakistan Steel Mill needed to be revamped urgently to avoid a major breakdown. He said “I have a zero option as far as the revamping is concerned. Therefore, we have to go for this critical revamping.”

He said that uncertainty about the state of the mills could prove to be destructive and that some short term plan would have to be made to revamp the organization before it was too late. Gen Qayyum warned that the mills could come to a grinding halt if urgent measures were not taken to repair some of its important plants and machinery. He referred to coke oven and steel making plants, converter shell, pallets and hot strip mills which needed immediate revamping

He said that the mill’s Rs10 billions equity could be utilized for its revamping. He said “Whatever we spend on its revamping, we could recover it from the future buyer of the mills.” Gen Qayyum said “I can also remind you that Central Development Working Party of the Planning Commission had already approved the restructuring and revamping of the steel mills.”

Mr Zahid Hamid Pakistan’s minister for privatization and investment has said that if the ministry of industries and production recommended revamping of Pakistan Steel Mills, the Privatization Commission would consider it. He said during last week that “Let the ministry of industries and production first come up with its recommendations, only then we will look into the issue of revamping.”