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The Directors of Pakistan Steel Mills have, in principle, approved its expansion programme from the existing 1.1 million tonnes production capacity to 3 million tonnes per year.
However, the final approval of the expansion programme is subject to feasibility reports to be submitted by the consultants being nominated by the corporation.
The decision was taken in a meeting of Board of Directors of the Pakistan Steel held on Monday. The board appreciated the performance of the corporation, presently running at 97 percent capacity.
The board also discussed issues pertaining to difficulties in obtaining imported raw materials, as well as increase in freight charges in international market and expressed satisfaction on the measures taken by the management of the corporation.
WELFARE TRUST: The board also praised the idea of establishing 'Hadeed Welfare Trust', which would have one-time financial help amounting to Rs 10 million as equity and then it would be run on commercial basis for ensuring self-reliance.
Earlier, the board appreciated the work done by the former chairman, late Lieutenant Colonel Muhammad Afzal Khan (Retd), and lauded his efforts towards restructuring of the corporation and offered Fateha for him. Besides chairman Pakistan Steel, Lieutenant General Abdul Qayyum (Retd), the board members, including director finance PS, Khursheed Anwar; chairman alternate energy development board, Air Marshal Shahid Hamid (Retd); additional secretary (finance), Sajid Hasan; joint secretary (MOI&P) Fazal-e-Qadir; MD EMCO Industries Ltd Tariq Rehman; MD PSO, Tariq Kirmani and corporate secretary PS Khalid Mehmood Akhtar also attended the meeting.

Copyright Business Recorder, 2004

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