Pak Steel restructuring: PM asks stakeholders to review plans

Meeting updated on measures taken to achieve financial rehabilitation.

ISLAMABAD: Prime Minister Yousaf Raza Gilani called upon the stakeholders of Pakistan Steel Mills (PSM) to encourage the search for collaboration with partners, including the Russian government’s offer, for the restructuring of the mill.

A meeting was held under the chairmanship of Gilani at the PM House here on Tuesday, in which the Ministry of Production gave a briefing on the PSM and its revival plan on sustainable basis.

The prime minister was briefed on the efforts of the Cabinet Committee on Restructuring to undertake reforms and restructuring of PSM, including commercial and business preferences in the aftermath of losses incurred during 2008-09.

The meeting was informed that the Cabinet Committee on Restructuring had adopted a series of measures to ensure that Pakistan Steel Mills begins to achieve recovery and financial rehabilitation.

These measures include, the reconstitution of board of directors with professionals, separation of the post of chairman and the CEO and appointment of the chairman from the independent board members.

Published in The Express Tribune, December 14^th, 2011.