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PSM to activate independent units for power and steel sectors¡ªThe 18th China(Guangzhou)Int¡¯l Heat Treatment, Industrial Furnace Exhibition
5/17/2017 heat treatment expo-furnace expo |
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Daily Times reported that Pakistan Steel Mills is likely to activate independent units for steel fabrication for power sector and China-Pakistan Economic Corridor sub-contracting. The Board of Directors of PSM instructed management to examine the possibility of manufacturing coke from the present batteries by invoking competitive bidding process so that investors provide the raw material for value additions on the terms and condition to be agreed as the case be for win-win situation and as well as to generate some liquidity by the available and operating units of PSM.
Also, the board also discussed the establishment of Special Economic Zone near PSM in context of CPEC. After thorough discussion Board advised to get the land valuated on immediate basis so that the same can be offered for the purpose on earliest basis in order to activate the SEZ.
In view of PSM being enlisted for privatization for early harvest, the discussion also focused as to the need on simultaneous putting in efforts of finding solutions towards its likely rehabilitation and revival of operation of PSM including the mode and manner of financing and considering offers from parties in this respect.
The Board agreed to continue working on this business development plan by integrating the experiences of last bailout packages so that new factors and references by eliminating the reasons of past non-achievements of targets out of previous bailout packages are also well considered in development of the business plan. The previous experiences of non achievements of targets of bailout packages are well considered in structuring the Resurgence of Pakistan Steel Mills Business Plan. The Board also agreed that PSM should capitalize the position that it contributes a greater percentage number in the growth of large scale manufacturing growth number for manufacturing GDP, which may merit the considered view of developing business plan. It also took note that even SBP has also mentioned in its report that due to complete halt of operation in Pakistan Steel Mills, the LSM growth was recorded lower due to no contribution of manufacturing production by Pakistan Steel Mills. The Board after detailed discussion agreed to continue structuring the business development plan by considering the maximum available information and records with PSM by which PSM management had registered reasons for not meeting with the targets of previous bailout packages which has not only been badly perceived at large but also remains discouraging for any future government support in this respect. It was finally agreed that a sale-able comprehensive business development plan if is structured may carry the value addition for likely consideration of government of Pakistan.
¡ªThe
18th China(Guangzhou)Int¡¯l Heat Treatment, Industrial Furnace Exhibition
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