KARACHI: Chief Executive Officer of Pakistan Steel Mills, Major General (Retd) Muhammad Jawed on Friday pledged that the Mills will be revived and made profitable within next 12 to 18 months as per Government's plan and its expansion will also be made soon.
He was addressing a function held at the office of Pakistan Steel Mills People's Workers Union (CBA) office at the main plant of PSM to celebrate the approval of Charter of Demands of the workers for the year 2010-12.
He said that the production capacity of the Mills will be increased to 25 percent in next month and up to 45 % in December 2012 and January 2013.
He said that after getting Rs four billion in August 2012, from the Government's bail-out package for Pakistan Steel, the PSM management has purchased raw material for three months which will be available up to the month of January 2013.
He said that Pakistan Steel management would request the Federal Government to release another Rs five billion so that the consistency in production could be 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 to the Government after two years when its production capacity will be enhanced to 1.5 million tones per year.
He warned that the misuse of PSM resources should be stopped as the Mills cannot afford any further embezzlement or waste of resources as it is already in crisis.
He 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. (Retd) Muhammad Jawed assured that he would not fire any single worker from the Mills.
He said that there must be accountability at every level in the mills affairs.
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