KARACHI - In a development of far reaching importance, Pakistan Steel has achieved 60% capacity utilization of its 1.1 million tons per annum capacity. After necessary repair and maintenance of Thermal Power Plant (TPP-TBS) was undertaken, currently it is generating 50MW of electricity.
It is imperative to mention here that in April, 2014 when, Maj General (R), Zaheer Ahmed Khan joined PSM as Chief Executive Officer, the Production Capacity (CAPU) of the mill was running as low as 1.4% and only 18 MW electricity was generated. Furthermore the stocks of raw material were almost depleted. After six (6) years, 60% of Capacity Utilization (CAPU) has been attained. It took great effort and continuous hard work to undertake necessary repair and maintenance of this vintage plant which was neglected over the years on one hand and to motivate the demoralised and disheartnend workforce of Pakistan Steel on the other, and was made capable of reaching the current production level.
It is worth mentioning here that with the help of recent bailout package of Rs. 18.5 billion from the GoP, Pakistan Steel now has huge quantities of raw material in its stockyard. Furthermore two more ships carrying raw material will arrive at PSM jetty to further build the stocks.
PSM sources claimed that the revival of this national asset (Pakistan steel) has started and it is oving towards the path of success and growth and will soon be a success story for other corporations.
Moreover, Pakistan Steel has billions of rupees worth international quality finished products in its yards. Pakistan Steel follows a transparent procedure to sell its manufactured products. The difficulties Pakistan steel is facing in selling its products are multifactorial which include availability of imported steel from China at a very cheap price, supply of smuggled steel products at domestic/local markets etc. which are affecting the sales of Pakistan steel products.
It is important to mention here that Pakistan steel is in constant contact with all the concerned quarters and higher authorities of Ministry of Finance (MoF) and FBR through Ministry of Industries and Production (MoI&P) regarding imposing regulatory duty on imported steel products. Imposition of regulatory duty on imported items will significantly increase the sale of Pakistan steel.