Update on performance review of Pakistan Steel Mill

Sunday, 23 Jan 2011

The Daily Times reported that Mir Hazar Khan Bijrani Pakistan’s Federal Minister for Industries and Production said that increase in production capacity of Pakistan Steel Mill is crucial to make the entity financially resilient.
Mr Bijarani while attending a meeting held at Pakistan Steel, where update on previous and current performance of PSM was given by Mr Imtiaz Ahmed Lodhi acting CEO of PSM said that “PSM is striving to acquire its profitable position by the end of this year, good sales of its products, export of coke breeze and other profitable MoUs will help make the defence and economy strong,”
Mr Bijrani also said there is no possibility of downsizing in PSM
The committee members commended the current working of PSM and the new business plan, which resulted a positive change in sales especially the sale of PKR 3 billion achieved in previous month as compared to last 17 months. The committee showed satisfaction on the progress of current management and said that if the said business model is implemented then it is hoped that PS would again become a viable and productive entity. The committee also emphasized to use local iron ore and other raw materials to save the cost of products and saving of the foreign exchange.
The committee was briefed that, “PSM has given about PKR 100 billion in the form of taxes and duties to the government of Pakistan, and PKR 1 billion as dividend, moreover PSM doesn’t need any bailout package from the government now and soon the entity will come out from losses.”

Replying a query, acting CEO said that, “PSM is also making efforts to control the production cost of products and as per new business plan the strategy for usage of maximum local iron ore from Balochistan is implemented and about 30,000 tonnes of lump iron ore from Balochistan was purchased during this month, which is the highest quantity ever since.”
The committee members came to the point that it is a national asset with directly thousands of employees and indirectly millions of peoples of engineering industries of the country are intact with it, therefore it must be kept working in the interest of the country.
(Sourced from dailytimes.com)