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Tag Archives: PSM

Finance Ministry fails in hiring financial adviser for PSM

ISLAMABAD: The Finance Ministry has failed in hiring financial adviser to seek a strategic partnership for Pakistan Steel Mills (PSM) despite passage of six months of the decision. “The Privatisation Commission (PC) took the decision in this regard on July 22 last year. However the process of hiring of financial advisor seeking a strategic partnership for PSM is still in ... Read More »

Pakistan Steels Mills awaits appointment of financial adviser despite incurring heavy losses

ISLAMABAD: The Finance Ministry has failed in hiring of financial adviser to seek a strategic partnership for Pakistan Steel Mills (PSM) despite passage of six months of the decision. The Privatization Commission (PC) took the decision in this regard on July 22 last year; however the process of hiring the financial advisor seeking a strategic partnership for PSM is still ... Read More »

Pakistan Steel touches 36% capacity, set to achieve target under Rs18.5b package

KARACHI: Pakistan Steel Mills (PSM) has achieved 36 percent production capacity of 1.1 tonnes per annum on 15th November 2014 due to repair work on blast furnace as compared to 25 percent a day earlier on 14th November and 16 percent on 13th November, said Chief Executive Officer, Pakistan Steel, Major General (Retd.) Zaheer Ahmed Khan. He further said that ... Read More »

Pakistan Steel Mills needs Rs 500 million boiler

KARACHI: The Pakistan Steel Mills (PSM) needs a new boiler worth Rs 500 million to continue production. PSM spokesman Shahzam Akhtar said they had a 50-year-old boiler for production which was in a bad condition. The PSM has appealed to the Finance Ministry for the new boiler. The production capacity of the PSM would be increased after the installation of ... Read More »

Imports under SROs affect local industry: Pak Steel Mills CEO

ISLAMABAD: The Pakistan Steel Mills (PSM) Karachi, Chief Executive Officer (CEO) General (R) Zaheer Ahmad has complained against the misuse of SROs which was creating problems for local industry. He said that rival parties imported cheaper iron and other related products under the umbrella of SROs and inflicts losses on PSM as well as to national kitty. “SROs not only ... Read More »

2669 staffers of Pakistan Steel to retire in 3 years

ISLAMABAD: Summary for the recruitment as replacement of technical and non technical staff of the Pakistan Steel Mills (PSM) has been moved to the Prime Minister for approval. Out of 15274 existing PSM staff some 2669 highly technical and qualified will retire in coming three years while some 6,000 will retire by 2020. Moreover, there is already a shortfall of ... Read More »

Pakistan Steel Mills receives Rs1.75b

KARACHI: The employees of Pakistan Steel Mills (PSM) will be able to draw their salaries soon as the mills has received 5th instalment of Rs1.750 billion under the bailout package. According to PSM spokesperson Shazim Akhtar, the said amount will be used to pay around 16,000 employees’ pending salaries from 15th of July to 31st of August before Eid. About ... Read More »

Pakistan Steel Mills production increases by 35pc: Jatoi

KARACHI: Pakistan Steel Mills had increased its production to 35 per cent and would further be enhanced to 77 per cent by December this year. Federal Minister for Industries and Production Ghulam Murtaza Khan Jatoi has said this while talking to journalists after cutting ribbon to inaugurate 10th Build Asia 2014 – International Building and Construction Industry Show – at ... Read More »

PSM requires investment to boost production: Economists

ISLAMABAD: Huge investments are required to improve and increase the capacity of production of Pakistan Steel Mills (PSM). This was stated by renowned economist and ex-federal finance minister Dr Salman Shah while talking to Radio Pakistan. He said that the International Monetary Fund may raise the issue of investing money in the PSM in upcoming days, adding that now it ... Read More »

Commerce Ministry asked to make TCP contract with PNSC

ISLAMABAD: The Standing Committee on Ports and Shipping met in the Parliament House, Islamabad under the Chairmanship of Syed Ghulam Mustafa Shah, MNA to consider the following agenda:- Input by the Ministry of Commerce relating to the issues of Pakistan National Shipping Corporation (PNSC). The Chairman, Pakistan National Shipping Corporation (PNSC) with reference to ECC decisions of 22nd November, 2012 wherein ... Read More »

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