ISLAMABAD, April 3 (APP):Adviser to Prime Minister Abdul Razzak Dawood Wednesday while briefing Senate Standing Committee on Industries and Production on Pakistan Steel Mills (PSM) said the steel mills is a valuable asset and only integrated steel plant in the country with a built-in capacity of 1.1 metric ton per year.
He informed the committee, met here at the Parliament House with Senator Ahmed Khan in chair, resuming operation of the PSM will need a new process and require a minimum of USD100 million.
He said various options such as public/private partnerships and foreign operational partners could be explored to revive the virtually dead enterprise of PSM that is entailing expenditure on account of pensions and salaries.
Abdul Razzak Dawood was of the view that by 2012 PSM was a money making entity. Later, the wrong policies and corruption badly affected the working of this valuable entity.
Deliberating over the plight that has ailed PSM for decades, he stressed the need for business acumen for its revival.
The adviser while briefing about the concerns raised by automobile manufacturers on imposition of Federal Excise Duty (FDE) on 1700cc and above vehicles said this duty will be withdrawn soon.
Earlier, the committee was also given briefing by the officials of PMS about the working and structure of the entity.
The members of the committee expressed their concerns over the removal of Chairman of PSM Engineer Abdul Jabbar despite committee recommendations to let him continue his services for sometime.
On this issue Senator Barrister Muhammad Ali Saif was of the opinion that this was a breach of privilege and a strict notice must be taken over it.
Chairman of Committee, Senator Ahmed Khan directed the ministry for submission of all record of appointment of the new chief executive officers and removal of the engineer Abdul Jabbar.
He said committee will further discuss this issue of PSM after the meeting of the Economic Coordination Committee to be held on Monday.
Discussing the petition of Ali Ahsan, Assistant Manager, National Productivity Organization, Ministry of Industries and Production, the committee chairman instructed that all suspension orders against Ali Ahsan be revoked immediately.
He also said following the prescribed procedure a new chief executive officer must be hired within 60 days.
Beside the members of the committee the meeting was also attended by the senior officers from the Ministry of Industries and Production, PSM, National Productivity Organization and other related departments.