PSM CEO is being targeted for repeatedly bringing out the facts before the Senate Committee
This letter refers to the story, “Dar blocks extension of PSM CEO” (Express Tribune, April 8, 2016). I regret to point out that the story highlights the version of only those who have very systematically engineered the collapse of this most important national asset.
The Senate Standing Committee on Industries and Production paid a visit to the Pakistan Steel Mills (PSM) some months back. At more than two other meetings as well, the Committee got detailed briefings on the PSM by its management as well as from high officials of the Ministry of Industries and Production and the Ministry of Finance. Reports and recommendations of the Committee, based on its unanimous findings, are very clear and unambiguous.
There are two major reasons behind the disaster. First, the intentional delay of months and months in the release of essential funds needed for its rehabilitation, sanctioned by the Economic Coordination Committee (ECC) of the Cabinet, with a schedule for their release. And second the criminal disconnection of gas supply when on March 15, the day PSM reached 65 per cent of its production capacity.
This disconnection, too, was done in blatant violation of the decision of the ECC of the Cabinet on the supply of gas to the PSM. The obvious aim was to sabotage the PSM’s recovery, when it was nearing break-even capacity utilisation.
The retiring CEO who was continuously running from pillar to post for implementation of ECC decisions and was somehow keeping the workforce mobilised in spite of heaviest odds is being targeted for repeatedly bringing out the facts before the Senate Committee.
It is worth noting that the officials of both the Ministries present at the Senate Committee meetings agreed with the CEO and requested the Senate Committee to recommend that the problems should be rectified in line with ECC decisions on an urgent basis.
The destruction of the PSM calls for criminal investigations. Perhaps you will also find it in the interest of fair journalism to ascertain full facts before printing further one-sided stories.
The story behind the dismantling of the working of 1.3 million tonnes per year capacity Tawarki Steel Mills Limited (TSML) in the EPZ Karachi is also worth your careful investigation. TSML is a foreign investment of $350 million with forward and backward proposed investments of $1.2 billion whose closure and dismantling has been forced by the present government.
Most entrepreneurs make their money by putting up new projects. Some make it by stopping running projects.
Senator Taj Haider
Member, Standing Committee of the Senate on Industries and Production
Published in The Express Tribune, April 10th, 2016.
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