Federal Minister for Industries and Production, Mir Hazar Khan Bijarani on Tuesday constituted a Joint Working Group (JWG) to speed up revamping and expansion process of the Pakistan Steel Mills (PSM). One high officer at least of the rank of Joint Secretary each from the Finance Division, Economic Affairs Division, Law Division, Privatisation Commission, Foreign Affairs and Board of Investment would be the member of the JWG, which would be headed by the Additional Secretary of the Ministry Javaid Iqbal Awan.
Chief Economist of the Planning Commission would also be the member of the JWG. The minister has directed the newly formed JWG to finalise the EOIs' proposals received from the internationally renowned firms during the corresponding month. As many as ten internationally reputed firms have submitted their Expression of Interests (EOIs) to PSM for its expansion and revamping, the minister was told during the 4th meeting on Expansion and Revamping of Pakistan Steel Mills (PSM) Committee.
PSM Chief Executive Officer, Wasif Mahmood told the committee that PSM has received Expression of Interests (EOIs) from ten internationally reputed firms adding out of these, six are from China, two from Russia and one each from Italy and Austria.
In compliance of the decisions taken by the Expansion Committee in its meeting held on 1st November 2011, the PSM floated tender for hiring the services of a consultant to evaluate the EOIs received from the above mentioned firms to make the whole process transparent and effective. The tender was opened on 22nd March 2011 wherein two international firms namely M/s China Metallurgical Engineering and Project Corporation, China (Local agent M/s Commodities Trading Co Karachi) and M/s McLellan and Partners Ltd UK (Local agent M/s Pi Pakistan) have submitted their offers. Speaking on the occasion, the federal minister said, PSM was a national asset which has been sick for the last many years and the present government wants its recovery as soon as possible, adding that there was a dire need to make it profit earning.