The Russian firm that constructed Pakistan Steel Mills (PSM) has shown its interest to provide the latest technology in order to make it profitable.
According to a press statement on Saturday received from Moscow, Tiag Proom export company Director M Rizichenko, while talking to a delegation of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Pak-Russia Business Council (PRBC), expressed his interest to make PSM financially profitable.
He further stated that with new machinery and modern technology, the production of PSM can be increased to 0.4 million tons annually, which will help in saving workers from getting unemployed.
“Pakistan Steel Mills would be profitable only in the private sector,” Rizichenko said, adding that it is necessary for the progress of the Mill that an audit is conducted and a comprehensive report, which includes the efficiencies and difficulties of the mill and information regarding technology, is prepared. He said that for this he has also talked to the government about the audit and report of mills.
Leader of the delegation, FPCCI President Senator Haji Ghulam Ali informed Rizichenko that the Pakistani business community had offered the Prime Minister of Pakistan to run the PSM under the private sector, which the PM had wholeheartedly accepted.
Furthermore, he agreed to talk to the PM for audit and the preparation of comprehensive reports, so that this project may be profitable and save the Mills from the loss of Rs100 billion.
Published in The Express Tribune, November 6th, 2011.
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