Federal Privatisation and Investment Minister Dr Abdul Hafeez Shaikh has said that from all aspects this is appropriate time for privatisation of Pakistan Steel (PS) as it would be able to fetch highly lucrative offers. During his visit to Pakistan Steel Mill, the minister assured its management that the PS privatisation process would be handled in a very transparent and professional manner.
He said that, in principle, the decision on PS privatisation has been taken only the procedures, time-frame and modalities have to be worked out. He informed the management that the consultants and experts for this purpose would be hired soon.
During the process of PS privatisation, he emphasised that special care would be taken for revamping/BMR of the organisation.
He said that the excellent performance and financial turnaround of PS paved the way for better privatisation process. He applauded the dynamic and professional leadership of PS Chairman Lieutenant General Abdul Qayyum (Retd), whose all-time and multifaceted efforts have transformed it into strong profitable and highly productive organisation.
"Today, the Pakistan Steel is a role model for other organisations to follow", he added, and assured the PS management of his full assistance and co-operation in this regard.
Addressing the apprehensions and fear of the employees regarding PS privatisation, he assured that no such step would be taken which would harm their employment or the facilities enjoyed by them, saying that the rights of the employees would be safeguarded.
He strongly appreciated the policies of President General Pervez Musharraf, and said that due to these policies and good governance a visible change has been witnessed in the economy. The high-level merit and satisfactory law and order situation has taken the country on the right path. The PS in line with the policies and strategies framed by the President Musharraf has also taken a "U" turn financially and productive wise, he added.
The PS chief assured the minister that he as well as the PS management would try their level best to raise the standard, productivity, profitability and quality till the PS would be privatised. They would do every effort to maintain the sound financial status of the organisation, which it has acquired, he added.
He briefed the minister about the financial restructuring, performance and over all view of the Pakistan Steel.