Pakistan Steel (PS) earned a record profit of Rs 6.28 billion in 2003-04, surpassing the target of Rs 0.94 billion, while it produced 1.024 million tons steel products during this period. This was stated by Lieutenant General (Retd) Abdul Qayyum, Chairman, Pakistan Steel, while talking to a group of reporters here. He said that the PS sold products worth Rs 25.80 billion which was much higher than the fixed target of Rs 19.20 billion.
"As a result of these landmark achievements, the 30-year old deficit of Rs 70.80 billion was reduced to Rs 1.50 billion, which is expected to be finished during the current year," he added.
"The savings of the PS were increased from Rs 0.41 billion to Rs 8.203 billion and it is expected that during the current year it will rise up to Rs 12 billion," he said, and added that during last year PS had paid more than Rs 5.506 billion to the national exchequer as duties and taxes, besides saving foreign exchange worth Rs 22 billion.
Praising the dedicated efforts of the engineers and workers of PS, Qayyum said that as a result of their dedication and hard work the Pakistan Steel was able to attain these milestones.
He said that with the expansion and repair of plants its production would enhance from 1.1 million tons to 3 million tons and later on it would raise to 5 million tons per annum.
"The expansion plan will cost more than $ 1 billion," he added. Qayyum said: "We have written letters to all missions abroad to indicate the international companies and suppliers who can purchase raw material, machinery and products of Pakistan Steel. We have used all efforts to address the complaints of the customers due to unholy alliance of the Deal Mafia and some black sheep of Pakistan Steel."