Pakistan Steel Mill (PSM) would come out from losses till the end of December 2011. Acting Chief Executive Officer of PSM, Imtiaz Ahmed Khan Lodhi told Senate Standing Committee on Industries and Production on Thursday. The Committee met with Senator Mohammad Ishaq Dar of PML-N in the chair in the Parliament House on Thursday.
Federal and State Ministers for Industries and Production Mir Hazar Khan Bijarani and Dr Ayat Ullah Durrani participated in the meeting. Senators Haroon Akhtar Khan, Mrs Semeen Siddiqui, Adnan Khan and others also attended the meeting. A comprehensive briefing on PSM in the light of previous discussion and report was given to the Committee.
During the briefing, Imtiaz Ahmed Khan Lodhi told the Committee that the PSM has 19000 acres of land. In the fist phase, as many as 300 acres would be given on lease. He said that competent and professional people would be appointed on the new independent board of directors of PSM instead of bureaucrats. He said that the restructuring of PSM is underway and its Rs 7.6 billion loans are being rescheduled this month. He said that total debt of PSM is Rs 45 billion. "During the month, PSM is operating with 40% capacity due to inventory shortage owing to non-availability of raw material. If 90% funds are released capacity production can be achieved."
Comments
Comments are closed.