Pakistan Steel Mills' Board of Directors(BoD) has decided to expand revival team by inclusion of new members at top management level, including Chief Executive Officer (CEO) and Chief Financial Officer (CFO).

PSM BoD's 407th meeting was held on last Thursday at Karachi wherein Chairman BoD Aamir Mumtaz has briefed about the ongoing plans to be carried out towards revival of organization, execution within schedule time frame and post transaction activates inasmuch as its successful achievement through PPP Transaction.

According to PSM statement, the Board has discussed all the aspects in length and approved several initiatives that will lead to on the ground improvements, which includes preparation of workforce to shoulder the responsibilities of revival plan in a successful manner, retirement issues as well as loss reduction measures by adopting best possible options.

The revival team will be expanded by inclusion of new members at top management level, i.e, Chief Executive Officer, Chief Financial Officer, PEO (Admn & Personnel) and General Manager (Security) which will definitely overcome the vacuum through hiring of professionally competent incumbents against these key positions which are presently lying vacant for a quite some time.

The skill set of the new recruits is mostly strong administration and asset protection rather than Steel Industry as owing to the fact that the revival partner will likely induct own executive team with a pedigree in operating Steel Mills. These new appointments should bring about improvement in many key areas such as administration, accountability, security and operations including financial management in a proficient manner.

The Privatization Commission is leading the process of selecting a partner with the assistance from the Transaction Adviser. The contract with the Transaction Adviser has been signed. The PSM Revival Team will begin working with the Transaction Adviser this week.-PR