Plan of steel

This refers to the article, ‘Pakistan Steel’ (March 24) by Dr Farrukh Saleem. The writer says that Pakistan Steel used to be a profitable entity from 2000 till 2007 and earned a profit of Rs20 billion over the period; but, from the year 2008 till 2019, its profit started eroding, ultimately accumulating a loss in excess of Rs. 476 billion. There’s a need to overcome this loss and turn this loss-making entity into a profit-making organisation. But the question is: how to do it? In my opinion, to undertake this job, a professional management team should be put in place that should make a comprehensive plan. Both quality audit and accounts’ audit should be conducted by independent international auditors and the report presented to the top man of the organization. Efforts should be initiated for the recall of those ex-employees of who were dedicated to their jobs and blessed with impeccable character and efficiency. They can be employed on contract. The chairman should be appointed out of the independent board members.

Moreover, a time-frame should be given to the minister for industries to complete all the required actions for recovery by a certain date. Nothing should be left open-ended. The revival date should never be extended as is the norm in this country. The government, on its part, should extend all possible support to the recovery team. And collaboration should be sought from partners, including Russia and China. There’s no need to sell this entity. The myth that government organizations can’t work in Pakistan should be dismissed.

Air-Cdre (r) Azfar A Khan

Karachi