ISLAMABAD - The Supreme Court (SC) on Wednesday expressed dissatisfaction with the progress made by the Federal Investigation Agency (FIA) in the Pakistan Steel Mills case. Chief Justice Iftikhar Muhammad Chaudhry, heading a two-member bench, told the director FIA, Karachi region no progress has been made by the agency. Justice Ghulam Rabbani is the second judge on the bench. FIA Director Moazzam Jah, instead of giving progress report of the FIA, quoted figures from the external auditors report. The chief justice asked him to inform the court about the progress of the task assigned to his agency. The director said they had registered 10 FIRs against the accused. The CJP remarked these 'facts you have been narrating to the court for the last one year, tell us what further action has teen taken against the culprits. The chief justice said if the court had not taken suo moto notice of the embezzlement in the Pakistan Steel Mills, the accused might have gone scot-free. Ministry of Industries and Production Secretary Abdul Ghaffar Soomro informed the court that according to the external auditors report, the PSM losses were decreasing, and this was the result of their efforts. He said losses in 2008-09 were Rs 26.5 million, 2009-10 Rs11 billion and July 2010 to December 2010, six months, Rs 5.7 million. He said the audit firm needed three months to finalise its report. However, the court directed the secretary to ask the firm to submit an interim report within one month. The court ordered the FIA to continue its investigations. The secretary further informed the court that they have submitted a summary of bailout package to the government, but it has not approved it fully. A committee has been formed for the restructuring of the PSM, he said and added that higher prices of import raw material, low capacity, exchange difference and fluctuation in freight charges are the main factors contributing losses. Rs13 billion were lost to the rising price of raw material alone. He said that they have issued notices to the dealers and the Pakistan National Shipping Corporation for overcharging. The chief justice said: In all fairness the measures you have explained would fetch amount not more than Rs 500 million, while the losses are in billions. He inquired the secretary: You mean to say the PSM management was not responsible, and this was not for some ulterior motives. The management was involved, replied Soomro. The CJ pointed out it has been reported that the PSM ex-chairman himself was once a PSM dealer. The chief justice ordered criminal charges against all the persons involved in accordance with the law. The secretary said that earlier the chief executive officer of the PSM was also chairman of the PSM Board, but now he has been replaced by a chairman elected by the Board. Fakhar-ud-Din G Ibrahim, counsel for the PSM, told the court that the PSM is still suffering a Rs 2 million loss per month. He, however, said due to notice issued to dealers Rs 25million have been recovered. The case was adjourned for a month.