ISLAMABAD, Aug 20 (APP):In order to revive Pakistan Steel Mills (PSM) on the basis of through public-private partnership to make it a profitable organization, the government has formally initiated the process by inviting applications for appointing its Chief Executive Officer (CEO).
The PSM has sought applications for selecting a dynamic and result-oriented leader, with immaculate credentials for becoming the CEO of the mill to lead it towards progress and make it a profit-earning organization, official sources said.
Currently, PSM is the largest industrial mega corporation, having a production capacity of 1.1 million tons of steel and iron foundries
According to the official sources, the government intends to enhance the production capacity to 3 million tons per annum under the revival plan.
Initially, the production capacity of the PSM would increase to 1.1 million tons per annum in first two years of the revival plan, which would take the PSM out of losses.
Later, the production would be enhanced to 3 million tons per annum in later stage of the revival plan.
It is pertinent to mention here that the Economic Coordination Committee (ECC) had put the PSM on the privatization list, however, the Adviser to Prime Minister, Razak Dawood after holding meetings with different companies had initiated the process of reviving the steel mill through public-private partnership.
According to SBP’s State of the Economy report for FY 2018, steel manufacturing grew by 22 percent during FY18, and FY 21 percent in the preceding year; some of the highest growth numbers in Large Scale Manufacturing sectors.