"No country can progress without a potent and vibrant domestic steel sector," State Bank Governor Dr Ishrat Husain said. Dr Ishrat Husain visited Pakistan Steel (PS) on Saturday, September 3.
While talking to the top management at the end of the visit, the SBP governor commended efforts of the PS management under the leadership of (late) Lieutenant-Colonel Muhammad Afzal and Lieutenant General Abdul Qayyum HI (M) for totally transforming the plant.
"It is heartening to see that financial and manpower restructuring done by the government in 2000,based on my analysts and recommendations was followed in true letter and spirit by the mills management, which resulted in the perceived turnaround," the governor said.
Earlier, Lieutenant-General Abdul Qayyum thanked the governor for his kind guidance and valuable help rendered for restructuring and visit undertaken on the request of the chairman.
The SBP governor was given detailed briefing about the mills functions, land capital and preparations for privatisation.
Dr Ishrat was apprised that the PSM production is likely to shoot up to over 95 percent capacity within 4 to 5 weeks when first ship of imported coke is expected to arrive.
The governor also visited steel mills downstream industrial estate. He was apprised that out of limited area left from 1420 acre land, plots will soon be allotted to major buyers, who have already deposited their feasibility studies and were keen to get the land on lease for 60 years based on PS prevalent lease rates which are Rs 4.35 million per acre.
Major buyers, who are being asked to deposit amount and obtain allotment include Universal Metal Corporation/Aisha Steel Japan (50 acres), Amreli Steels (Pvt) Limited (50 acres), Amreli Steels (Pvt) Limited (50 acres) Pak Suzuki Motors (120 acres), National Logistic Cell (125 acres), Abbas Steel group (16 acres), Nawab Brothers (925 acres), Bin Qasim Chemical (15 acres) and few other small buyers. Since PS has limited land and more buyers the land will been given on first come first served basis.
Industries, which are earning profit and not giving dividend to PSM, their requests for additional land will be reviewed in the light of directions of the Public Accounts Committee and the PS board.
Governor State Bank also visited PS cadet college, Quaid-e-Azam Park, Hospital, Aghosh Special Children School and Care Vocational Centre in the Steel Town.
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