KARACHI – The Pakistan Steel Mills Chief Executive Officer Muhammad Javed has pledged that Mills will be revived and made profitable within next 12 to 18 months as per approved business plan and its expansion will also be made soon.
CEO said that the production capacity of the Mills will be increased after the arrival of raw material till mid of November and will reach up to 45pc in January 2013.
He informed that from the first installment of bailout package, Pakistan Steel opened 3 LCs of raw material of 2 coal ships and one iron ore ship which will be utilised to boost the production up to 45pc and next shipments will be purchased soon after the second installment of bailout package.
He said that Pakistan Steel management would request the Federal Government to release another Rs 5 billion so that the consistency in production could be maintained.
He expressed satisfaction and said that the Mills plants are in good condition. The CEO Pakistan Steel announced that the Mills would be able to repay to the Government after two years when its production capacity will be enhanced to 1.5 million tones per year.
He warned that the misuse of PSM resources should be stopped as the Mills cannot afford any further embezzlement or waste of resources when it is already in crisis.
He urged the employees to work with commitment and turn this organisation into a profitable one for their good future and in the interest of the country.
The CEO Muhammad Jawed assured that he would not fire any single worker from the Mills. He said that there must be accountability at every level. “We should start accountability from our own,” he remarked.
Despite every year announcement in salary raise by the Government of Pakistan in the annual budget, PS which is working under the ministry of production did not make any increase except annual increments.