Ijaz Kakakhel Islamabad
Law makers on Thursday expressed annoyed and dissatisfaction over the continues theft cases in Pakistan Steel Mills (PSM) despite the fact that there were over 500 security personnel on duty. They also regretted that the legislators recommendations about security of scrap in PSM were not honored and the theft cases on rise. These concerns were expressed during Senate Standing Committee on Industries and Production, which was convened at the Parliament House with Senator KhalidaAteeb was on chair.
During the session, Committee discussed the current status of the privatization of Pakistan Steel Mills. Jawad Paul, Secretary of the Privatization Division, briefed the committee members on the progress. He informed them that Pakistan Steel Mills was included in the Privatization list on June 17, 2019. Initially, four Chinese companies expressed interest in the bidding process. However, due to the global decline in steel demand and adverse economic conditions, three of these companies withdrew their interest.
This decision was made because having only one bidder raised concerns about transparency. Furthermore, a Technical Due Diligence report indicated that an investment of approximately US $584 billion would be necessary to restore the Steel Mills Plant to its original capacity of 1.1 million metric tons per annum. The matter has now been submitted to the Federal Cabinet for a final decision. Officials from Pakistan Steel Mills informed the committee that the organization generates Rs. 5 billion in revenue from sales but suffers a loss of Rs. 12.8 million due to scrap theft.
A meeting of the Senate Standing The committee members expressed displeasure about the absence of the Minister for Industries and Production in the committee and urged the officials to ensure the minister’s presence, as it would help clarify the way forward. In discussing the role and functions of the Sugar Advisory Board (SAB), officials informed the Committee that the Board comprises Ministers.
