Govt rejects rumours of Pakistan Steel privatisation

Says the status quo will remain; urges workers to make sincere efforts.

KARACHI: Federal Minister for Information and Broadcasting Qamar Zaman Kaira categorically rejected reports about the privatisation of Pakistan Steel Mills (PSM) on Wednesday. Kaira further said there was no possibility that it would be run even under a public-private partnership.

Kaira was addressing a gathering of PSM workers here at the mill’s main plant where ‘jehez’ (dowry) cheques were being distributed among the latter. The ‘Jehez’ fund is a part of the charter of demands signed between the workers’ union and the PSM management.

The information minister hoped that PSM would soon become a profitable organisation as a result of the policies of and support from the government, better management and the commitment and hard work of employees. He, however, added that a big organisation like Pakistan Steel will take some time to revive.

Responding to a demand put forward by the PSM Peoples Workers Union Chairman Shamshad Qureshi, the information minister said he would take up the issues raised, especially the release of the balance amount of the bail-out package, with the government. He expressed hope that Rs1 billion would be released very soon.

“Once the PSM becomes a profitable organisation, workers will be given a significant percentage of its ownership,” he promised. He urged workers and the management to make serious and sincere efforts for the revival and strengthening of the industrial behemoth.

“The only answer to all conspiracies against Pakistan Steel Mills is to make it profitable. Here is a big potential to exploit [sic],” he asserted.

Published in The Express Tribune, February 7^th, 2013.

Like Business on Facebook to stay informed and join in the conversation.