"Pakistan Steel is striving hard to acquire its routine position and being a national asset, every possible step would be taken to facilitate Pakistan Steel financially in order to improve its production and capacity utilisation," said Ghous Bux Mahar, Chairman National Assembly Standing Committee on Industries and Production on his visit to Pakistan Steel Tuesday to discuss the affairs and performance of Pakistan Steel.
On this occasion, a comprehensive briefing regarding the previous and current performances of Pakistan Steel was given by Principal Executive Officer Production Directorate Engineer Wasif Mehmood, accompanied by other directors.
Addressing the meeting, Ghous Bux Mahar said Pakistan Steel is not only an engineering complex but also is the backbone to the whole industry. We have formulated our recommendations for improving the current financial position of Pakistan Steel so that it could stand up and we hope that the government would give a serious thought to these recommendations, he added.
The committee members decided to visit and review again the working of Pakistan Steel's business plan and roadmap by end of July 2010. The committee welcomed the role and efforts to indigence Pakistan Steel and emphasised the use of local iron ore and other raw materials to the management of Pakistan Steel. The committee members came to the point that Pakistan Steel is a national asset with directly thousands of employees and indirectly millions of peoples of engineering industries of the country being intact with it, therefore it must keep working in the interest of the country.
They observed that the current need of liquidity is quite necessary for the availability of required raw materials with long-term good business plan and market strategies to be implemented. The committee on this occasion appreciated the restructuring of Pakistan Steel Management and formation of new board of directors, a good gesture for future decision-making.
The Chief Executive Officer Pakistan Steel, Malik Asrar Hussain said that Pakistan Steel management believes and adopted transparent policy of procurement, sales and production. We have also taken economy measures and worked on all areas to curtail our expenditures, he added.
The CEO requested the standing committee members for the bailout package by the government on priority basis, addressing tariff problems of imported steel prices regarding taxes and the approval of expansion plan of Pakistan Steel from 1.1 MT to 3.0 MT annually so that Pakistan Steel could again become a profitable organisation.-PR
Comments
Comments are closed.