Abbasi tipped to be new chief of Pakistan Steel

Published: October 21, 2011

Abbasi has held important government positions in PPP’s former governments including that of Deputy Managing Director of Sui Southern Gas Company (SSGC) in the mid-90s.

KARACHI: Prime Minister Yousuf Raza Gilani is expected to appoint Faizullah Abbasi as the new chief executive officer (CEO) of Pakistan Steel Mills (PSM) –the country’s largest industrial complex– sources said.

Speaking on the condition of anonymity, sources said among the shortlisted candidates, Abbasi has the most relevant qualifications and experience to fit the commanding position in the state-owned steel giant.

The decision regarding Abbasi’s appointment is still pending, sources said, but his file is with the PM and a notification regarding his appointment is expected by Saturday.

Pakistan Steel’s Board of Human Resource (BHR) Committee – a committee that inducts people on higher posts – interviewed about a dozen candidates and shortlisted three for the CEO’s slot, sources said. Major Gen (retd) Muhammad Farooq and Muhammad Asad were the other shortlisted candidates.

Sources said that 45-year-old Asad has a degree in civil engineering and lacks the experience for such a senior post and it is very unlikely that the PPP-led government will appoint an army general – leaving Abbasi as the frontrunner for the CEO’s post.

Sources further said the BHR committee had recommended Abbasi’s name to the Ministry of Production which reported it to the PM. Abbasi has held important government positions in PPP’s former governments including that of Deputy Managing Director of Sui Southern Gas Company (SSGC) in the mid-90s.

Last time Abbasi served a state-owned company was in January 2010 when he assumed the office of MD SSGC.

It is pertinent to mention here that Imtiaz AK Lodhi, former acting CEO of PSM, was sacked because his degree could not be verified.

The sources added his file was also sent to SSGC for background verification. Abbasi was one of the eight MDs of top, state-owned, petroleum and gas companies fired by Petroleum Minister Asim Hussain in May, 2011.

When contacted, sources in SSGC confirmed that Abbasi’s file was received by the SSGC. Sources further said that by rule the letter of background verification is sent to higher authorities such as MD and chairman.

Published in The Express Tribune, October 21st, 2011.

Reader Comments (5)

  • Husein Ali Khan
    Oct 21, 2011 - 9:09AM

    Why not internationally advertise for the position and get the best person who applies irrespective of his nationality. Pakistan Steel mill is a a big drain on national resources and yearly losses are around Rs 12 billion. There are reports of rampant corruption. PSM needs to be turned around and you need a right person.

    Dr Abbasi has the educational qualifications in Metallurgical Engineering from Sheffield Univ. and is well respected professional, but what is needed in my opinion is excellent management and business turnaround experience.

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  • Parvez
    Oct 21, 2011 - 1:11PM

    The PSM along with PIA are organisations that do nothing but lose money. Common sense and financial logic says they should be sold. Corrupt leadership over the years have kept them alive at the expense of the people to satisfy the greed of a few.

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  • saeed
    Oct 21, 2011 - 1:31PM

    Have you read Ardeshir Cowasjee’s column on Abbasi’s tenure of SSGC. His biggest accomplishment being to increase gas losses from 2% to 5% which brough the wrath of the previous AG and led Dr. Asim the petroleum minister to sack him. RIP Pakistan Steel.Recommend

  • Sahil
    Oct 22, 2011 - 12:09AM

    Having been driven out from SSGC by Dr Asim with lots of difficulty,Mr Abbasi is being sponsored to enter into another ownerless and fenceless pasture, Pakistan Steel, to pave the way for the herd to come and graze at leisure. Wish the selectors, BOD, know his track record of mismanagement and failures to check corruption, nepotism and other wrong doings! If he is so highly qualified and experienced, he should have been acceptable to lead SSGC, OGDCL, or other oil and gas companies for his experience is most relevant.

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  • Ashfaq
    Oct 31, 2011 - 10:47AM

    We are waiting for the C.E.O who runs Pakistan Steel with full devotion and regards purely for the sake of PSM.

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