Inter-Ministerial Meeting Held to Review Progress on Steel Mills

ISLAMABAD, Mar 03 (APP): An inter-ministerial meeting on revival of Pakistan Steel Mills (PSM) Wednesday discussed various issues relating to the formation of new subsidiary.

The meeting was co-chaired by the Federal Minister for Privatisation Mohammedmian Soomro and Minister for Industries and Production Muhammad Hammad Azhar. The meeting also discussed carving out of key operating assets and core land including verification and fair market valuation of plant and machinery, stock-in-trade, bifurcation and certification of key operating assets, completion of audit of financial statements for up-to. Privatization federal secretary, industries additional secretary, other senior officials of the ministry and PSM also attended the meeting.

The PSM chairman, Port Qasim Authority (PQA) chairman and industries federal secretary participated via video link. The matter regarding renewal or transfer of utility connections to new subsidiary and settlement of out-standing dues of SSGC was conversed in the meeting. Restructuring and settlement of National Bank of Pakistan and other banks liabilities and obtaining no objection certificates from lenders was also part of the discussion.

The meeting also discussed issues of Jetty and the right of way between the PSM and PQA was also discussed in detail.

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