Prime Minister Raja Pervez Ashraf, while chairing a meeting at the PM House today, said that it was his utmost endeavour to revive the Pakistan Steels Mills (PSM) by making it a profitable organization, which would be a befitting tribute to the vision of Shaheed Zulifkar Ali Bhutto who established it as a strategic venture of the country. The Prime Minister expressed his confidence in the new Management’s capability as its CEO/Chairman Maj. General (r ) Muhammad Javed had proven credentials who headed PSM during the days when it was earning profits a few years ago. The new Business Plan unveiled by the CEO will be successful because his team is dedicated, experienced and committed to make the difference without fail, the Prime Minister maintained. The Prime Minister said that he was happy to know that the timely disbursement of bail-out package would turn around PSM by attaining profitability within the given timeframe. The Prime Minister, however, underlined that the task was challenging one, which became more daunting in view of the highly competitive international market. Reposing his full confidence in the new team, he said that the new team would live up to its reputation by turning around PSM in a difficult and non-conducive environment. The Prime Minister also appreciated the efforts of Finance Minister Dr. Abdul Hafeez Shaikh who pushed the restructuring of the PSM despite many difficulties because he firmly believed that putting the money in PSM without structural reforms would be putting the tax payers’ money in the black hole with no hope of return. The Prime Minister directed the Chairman of FBR to hold meeting with the Management of the PSM in order to offset the impact of the discriminatory SROs, which had been affecting the competitiveness of the PSM products both at home and abroad. The Prime Minister said that he would personally visit the PSM to check the implementation of the plan and also to meet the workers who held the key to success of any manufacturing organization. Mr. Shamshad Ahmed Qureshi, Chairman of CBA, thanked the Prime Minister for the bailout package and vowed to make PSM a shining example of success. Earlier, the Chairman of the PSM thanked the Prime Minister, the Finance Minister and the Minister for Production Anwar Cheema for the support and guidance, adding that the new Business Plan would work as a lot of efforts and thinking had gone into its formulation at various levels. He said that the assurance of timely releases of bail-out package by the Ministry of Finance would make the real difference as it would render this public sector organization into both viable and profitable one. The CEO apprised the meeting that in the first phase, the capacity of the PSM would be increased up to 55% and no stone will be left unturned to attain the target of 80% production by the end of 2013. The CEO said that the Management would prefer to import local iron for production of steel products and major chunk would come from Balochistan.