$100m required to revive Pakistan Steel Mills: Dawood

By APP
Published: April 4, 2019
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Abdul Razzak Dawood PHOTO:FILE

Abdul Razzak Dawood PHOTO:FILE

ISLAMABAD: The resumption of operations at Pakistan Steel Mills (PSM) requires a new process, which will need a minimum injection of $100 million, said Adviser to Prime Minister on Commerce, Textile, Industries and Production Abdul Razak Dawood.

Briefing the Senate Standing Committee on Industries at the Parliament House on Wednesday, Dawood pointed out that various options including public-private partnership could be explored to revive the virtually dead enterprise, which was making expenditure on pensions and salaries.

He underscored the need for having sharp business acumen for the revival of the industrial giant. He noted that PSM was a valuable asset and the only integrated steel plant in the country with production capacity of 1.1 million tons per year.

He pointed out that PSM was a money-making company till 2012 and later, wrong policies and corruption badly affected its operations.

Endorsing the views of Senator Nauman Wazir Khattak, the PM adviser suggested that the government should not be involved in any business. “This is a businessman’s prerogative because he will go to any length to achieve his goals,” he added.

Speaking on the occasion, Senator Sitara Ayaz lauded the adviser’s vision of PSM, but she showed disregard for privatisation. She regretted the removal of PSM chairman despite committee recommendations against the move.

Senator Muhammad Ali Saif was of the opinion that this was a breach of privilege and strict action must be taken. Committee Chairman Senator Ahmed Khan instructed the Ministry of Industries to provide all record of the appointment of new CEO and removal of the old one.

Published in The Express Tribune, April 4th, 2019.

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Reader Comments (1)

  • Faisal
    Apr 4, 2019 - 11:01AM

    $100Mn or higher, either ways it should not be the responsibility of a cash strapped govt to inject further liquidity in PSM. Pls privatize it and let someone from the private sector run the manufacturing unit, before it becomes impossible to sell it. Recommend

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