- Russia’s technical team to present its report today.
- Officials remain optimistic for seel mill’s revival.
- KE responsible for destruction of Karachi’s industry: chairman
ISLAMABAD: The Ministry of Industries and Production on Thursday apprised a parliamentary standing committee that a team comprising technical experts from Russia was assessing the Pakistan Steel Mills’ (PSM) revival and the final decision in this regard was likely by June 30 this year.
The Russian team lately toured Pakistan and held online meetings as well to discuss plan for the PSM’s restructuring, The News reported.
The technical team, the ministry officials said, was busy evaluating the various aspects and was going to present its report by Friday (today). Conversations with Russia are moving forward in a positive manner, regardless of the steel mill’s growing debts, which have touched Rs345 billion.
“Efforts are being made to revive the mill instead of scrapping it,” National Assembly’s Standing Committee on Industries and Production Chairman Syed Hafeezuddin said while reviewing the subject.
The ministry admitted that the mill had remained shut since 2015 due to inefficiencies. However, officials remain optimistic that collaboration with Russia could lead to a viable revival plan.
The committee that met here with MNA Hafeezuddin in the chair sought a detailed financial report on PSM, expressing serious concerns over its liabilities and operational status.
The committee urged K-Electric to assume control of the power distribution network and collect payments directly from the public instead of relying on PSM. “K-Electric is responsible for the destruction of Karachi’s industry,” the chairman remarked.
