‘PSM needs $100 million for revival’

ISLAMABAD: Pakistan Steel Mills (PSM) needs financial support of at least $100 million to resume its operations, a senior official said on Wednesday.

Advisor to Prime Minister for Commerce Abdul Razak Dawood said resumption of PSM’s operations will entail a new structuring process.

Dawood was briefing a meeting of the Senate Standing Committee on Industries and Production that met with Senator Ahmed Khan in the chair.

“Various options such as public/private partnerships and foreign operational partners could be explored to revive this virtually dead enterprise that is entailing huge expenditures on account of pensions and salaries,” PM advisor said. He stressed a need of business acumen for PSM’s revival.

Senator Nauman Wazir Khattak said the government has no business to be in business, which he said is a businessman’s prerogative because he would go through any length to attain his goals.

Senator Sitara Ayaz disapproved of privatization as an option. She regretted over the removal of PSM Chairman despite a committee’s recommendations.