PSM clarification

Reference a news item entitled "PSM CEO treated shabbily for 'distorting facts'" carried by Business Recorder on 9th May 2015, it is to clarify that the National Assembly's Standing Committee on Industries and Production has appreciated the improvement made since the last meeting.
The Chief Executive Officer (CEO) PSM, Major General Zaheer Ahmed Khan (retd) briefed the committee on 08.05.2015 that the present government had approved a financial package of Rs 18.5 billion for revival of PSM on 25.04.2014. From bailout package fund allocated for raw material amounting Rs 9 billion was utilised accordingly and the material of Rs 9 billion is still available in our inventory, either in the form of raw material or in the form of steel slabs/finished products. The remaining amount of bailout package mostly catered for three months' prior salaries and utility bills (gas, electricity, Water and Fuel) and old liabilities of spares, stores procured and one billion against gratuity and provident fund liabilities while only six months' future salaries were provided till break-even is achieved.
The present management by continuous efforts of its entire workforce has been able to bring back a literally closed mill into operation which achieved a production capacity of 42% in the month of March which was 1.4% before bailout package in April 2014. A blast furnace mothballed for about one and half years and considered impossible to be revived locally was restored and made operational in the recent months with indigenous resources and available manpower at more or less no cost while Rs one billion at least was envisaged for its rehabilitation with foreign expertise in two years. Similarly, waste heat boilers leaking badly into Steel Converters during operation were repaired in house making production possible.
"The heading wrongly creates the impression by mentioning something about distorting facts when actually are statements about various countries imposing anti-dumping duties was challenged by an honourable member which was clarified by showing full details of Indian duties "It was also apprised to National Assembly's Standing Committee that finished products of PSM worth billions of rupees are available for sale but very cheap imported material is affecting their disposal. The government was approached after the recent levy of 15% RD on imported billets and also impose a 30% Regularity Duty on import of HR products but only 12.5% was agreed and in that also boron mixed so called HR alloy steel was not included resulting in its huge imports last month. PSM has again approached the government to impose a 25% RD not only on boron alloy HR steel but also raise RD on HR steel to 25% to cater for a 33% price differential. Also many SROs such as 565 and 450 are being grossly misused and material being dumped in the local market instead of being processed into value-added product or exported.
"PSM CEO apprised about the past performance of PSM and showed details of last 15 years and in that prior to last 6 years PSM was in operational profit for 16 years out of 24 years."