PSM to stand on its feet after structural reforms: PM

ISLAMABAD - Pakistan Steel Mills Chairman Muhammad Javed called on Prime Minister Raja Pervez Ashraf at the PM Secretariat on Wednesday and thanked him for the bailout package of Rs 14.6 billion for PSM, which would be a step forward for attaining breakeven point.The Chairman said that out of this money, Pakistan Steel Mills would import ore and coal to increase its production and also meet the carry-forward liabilities of PSM. The Chairman hoped that by the end of this year, the Steel Mills management would attain 60 percent production capacity and attain target of 80 percent by the end of year 2013.The Chairman also requested for modification in or the scraping of SROs, which, he said, were discriminatory and thus hampering the production of PSM. The Prime Minister said that Pakistan Steel Mills was the mother of all industries, and a great national asset whose idea was conceived and implemented by Shaheed Zulfiqar Ali Bhutto. The Prime Minister said that he was very keen to see PSM develop as a self-reliant and profitable national enterprise.The Prime Minister expressed his confidence in the leadership of new management of PSM, adding that he was sure that PSM would stand on its feet after structural reforms brought about by the Cabinet Committee on Structural reforms. Meanwhile, Minister for Ports and Shipping, Babur Khan Ghauri called on Prime Minister Raja Pervez Ashraf at Prime Minister's Secretariat on Wednesday and apprised him about state of affairs at Gwadar Port. He also underscored the importance of completion of road between Gwadar and Ratodero.  The PM said that he had already prioritized the construction of this road, adding that full-allocated budget for completion of this road would be released during current financial year 2012-13.

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