islamabad -

To make Pakistan Steel Mills (PSM) a profitable organization, Federal Minister for Industries and Production Shahzada Ahsan Ashraf Sheikh Tuesday presented a comprehensive “One-go Rescue Plan” for the revitalization of PSM to the caretaker Prime Minister of Pakistan Mir Hazaar Khan Khoso.

In a statement, the industries and production ministry said that the Federal Minister has proposed a subsidy of Rs 11 billion to upgrade the technology, make the sick units operational and to enhance the production capacity of the Steel Mills. He also proposed that in order to make PSM financially stable, Rs. 5 billion interest on loan payable to the National Bank of Pakistan be waived off and Finance Ministry will present its recommendations on the proposal on Thursday.

Federal Minister said that the organizations going in loss need bold and courageous decisions and the One-go Rescue Plan presented to the Prime Minister will prove to be a panacea for all the ills of PSM. He said that he imposed a strict ban on recruitment in PSM, as the Mills cannot bear the financial burden of more employees.

The minister was of the view that half-hearted efforts and injecting insignificant amounts to revive PSM didn’t work well in the past. A whole-hearted effort was required to accomplish this gigantic task, therefore he has suggested an elaborate plan, which will work under the supervision of a high-level committee, he added. The minister further said that this plan would ensure that PSM would achieve its 70% production capacity by August this year.

The committee will have Secretary Finance, Secretary Production and Chairman PSM as its members and will submit the development report every month.