PM briefed on Steel Mills revival plan

The Prime Minister called upon the stakeholders to encourage the search for collaboration with partners including Russian Government's offer made by Russian Prime Minister Vladimir Putin during Pakistan's Prime Minister's recent visit to the country to attend SCO Summit in Saint Petersburg.

The Prime Minister was briefed on the efforts of the Cabinet Committee on Restructuring to undertake reforms and restructuring in Pakistan Steel Mills including commercial and business preferences in the aftermath of losses incurred during 2008-09.

The meeting was informed that the Cabinet Committee on Restructuring (CCOR) 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.

The short listing of the CEO, preparation of Business Plan by Pakistan Steel Mills, Board of Directors, management and other measures to identify international collaboration and basic capital required for achieving higher rate of capacity utilization of the mills had been discussed by CCOR.

In the meeting, it was also recommended to finalize the appointment of new CEO, fill vacant post of Board of Director and operational Business Plan after the appointment of new CEO.

To fulfil the basic budgetary reforms of Pakistan Steel Mills, to ensure operation and update the Cabinet on the reforms process was also endorsed.

The meeting was attended by Minister for Finance, Minister for Production, Secretary Production, Secretary Privatization and other senior officials of the relevant Ministries.

Copyright APP (Associated Press of Pakistan), 2011