Reuters reported that Pakistan’s minister for industries & production Mian Manzoor Ahmed Wattoo told the National Assembly that the government intends to increase production capacity of Pakistan Steel Mills from existing 1.1 million tonnes to 5 million tonnes.
Replying to a question, the minister told the house that the government has prepared an expansion plan for the steel mill and several steps are being taken in this regard as currently the unit is running into losses due to some reasons.
The industries minister said total area of land under the administration of Pakistan Steel Mills is at present 19,120 acres against 19,078 acres at the time of establishment and this increase came after the mill acquired its sales office in Lahore and Islamabad, and purchased a spinning mill.
Answering a question how it managed to purchase a big portion of land amid the losses, he said this investment was made during the time when the mill was earning profits.
(Sourced from Reuters)
