PC-I of the envisaged revamping and expansion of Pakistan Steel will be approved during the current month and open tendering in the international market might be made by mid of January 2005. Federal Minister for Industries, Production, Jehangir Khan Tareen stated this while addressing senior officers of PSM during his visit on Monday, said press release issued here.
The minister lauded the historic turn around of Pakistan Steel over last years and hoped that because of its healthy liquidity position, Pakistan Steel was well poised to self-finance its proposed revamping and expansion to the level of 1.5 metric tones per year without depending on any assistance from the financial institutions.
Tareen said that taking advantage of nearby Port Qasim, establishment of an "Industrial Park" was under consideration, for which Pakistan Steel would be asked to provide around 1500 acres of land.
He appreciated the management of Pakistan Steel for running the affairs in a transparent manner and stressed that more efforts should be made to run this national asset purely on commercial lines.
Pakistan Steel chairman, Lieutenant General Abdul Qayyum (Retd) gave a detailed rundown on raw material sources, production, processes, management structure, and performance and achievements of Pakistan Steel.