PSM to be made profitable in 12 months: CEO

RECORDER REPORT

KARACHI: Chief Executive Officer of Pakistan Steel Mills Major General Muhammad Jawed (Retd) pledged that the Mills will be revived and made profitable within the next 12 to 18 months as per approved the business plan and its expansion will also be made soon.

He was addressing a function held at the office of Pakistan Steel Mills People’s Worker’s Union (CBA) office at the CBA secretariat PS for the announcement of the Charter of Demand of the workers for the year 2010-12. He said that the production capacity of the mills will be increased after the arrival of raw material till mid of November and will reach up to 45 percent in January 2013.

He stated that from the first installment of the bailout package that it received on 29th August 2012, Pakistan Steel opened 3 letter of credits of raw material comprising 2 coal ships and one iron ore ship which will be utilized to boost the production to 45 percent.  The next shipments will be purchased soon after the second installment of bailout package received.

He said that Pakistan Steel’s management would request the Federal Government to release second installment of Business Plan Rs five billion so that consistency in production is maintained.

He expressed satisfaction that the Mills plants are in good condition. The CEO Pakistan Steel announced that the Mills would be able to repay the Government after two years when its production capacity will be enhanced to 1.5 million tones per year.

 He asked that the misuse of PSM resources should be stopped as the Mills cannot afford any further embezzlement or waste of resources when it is already in crisis. The CEO urged the employees to work with commitment and turn this organization into a very profitable one for their good future and in the interest of the country.

Major Gen. Muhammad Jawed (Retd) gave the assurance that he would not fire any e worker from the Mills. He said that there must be accountability at every level. “We should start accountability  on our own,” he remarked. He also congratulated the workers as their charter of demand was approved despite many odds and financial stress upon Pakistan Steel. “Now it’s the responsibility of workers to work hard and make Steel Mill a profitable organization”, he added.