Daily Times reported that timely disbursement of bail out package would turn around Pakistan Steel Mills by attaining profitability within the given timeframe.

Mr Raja Pervez Ashraf PM of Pakistan chairing a meeting on PSM expressed his confidence in the new management’s capability as its CEO and Chairman Maj General (retd) Muhammad Javed had proven credentials who headed PSM during the days when it was earning profits a few years ago.

PM maintained that the new business plan unveiled by the CEO would be successful because his team was dedicated, experienced and committed to make the difference without fail. He underlined the task was challenging one which became more daunting in view of the highly competitive international market.

He said that the new team would live up to its reputation by turning around PSM in a difficult and non conducive environment. He appreciated the efforts of Finance Minister Dr Abdul Hafeez Shaikh who pushed the restructuring of the PSM despite many difficulties.

Mr Raja directed the Chairman of Federal Board of Revenue to hold meeting with the management of the PSM in order to offset the impact of the discriminatory SROs which had been affecting the competitiveness of the PSM products both at home and abroad. He would personally visit the PSM to check the implementation of the plan and also to meet the workers who held the key to success of any manufacturing organization.

Mr Shamshad Ahmed Qureshi chairman of CBA thanked the Prime Minister for the bailout package and vowed to make PSM a shining example of success.

Mr Muhammad Javed thanked the Prime Minister, the Finance Minister and the Minister for Production Mr Anwar Cheema for the support and guidance and hoped the new business plan would work as a lot of efforts and thinking had gone into its formulation at various levels. The assurance of timely releases of bail-out package by the Ministry of Finance would make the real difference as it would render this public sector organization into both viable and profitable one.

The CEO apprised the meeting in the first phase the capacity of the PSM would be increased up to 55% and later would attain the target of 80 percent production by the end of 2013. The management would prefer to import local iron for production of steel products and major chunk would come from Balochistan.

Source - Daily Times.com

(www.steelguru.com)