Pakistan Steel Mills P.S.M

Chairman CBA Shamshad Qureshi

Ex GM Power Pakistan Steel Mill Syed Azadar Hussain Bukhari meeting with AGM SMD Deptt Pakistan Steel Mill Syed Imtiaz Shamsi

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Saturday approved a three-month bailout package of Rs2.9 billion for the Pakistan Steel Mills (PSM).

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SLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet Saturday approved a three-month bailout package of Rs2.9 billion for the Pakistan Steel Mills (PSM).

ISLAMABAD - Apart from allowing sugar export, Economic Coordination Committee (ECC) of the Cabinet on Saturday approved bailout package worth Rs 2.9 billion for Pakistan Steel Mill (PSM) as it failed to pay salaries to their staff in last three months (June, July and August).
The ECC which met with Finance Minister Senator Ishaq Dar in the chair approved a three-month bailout package of Rs 2.9 billion of which Rs 1.5 billion would be released in September, Rs 700 million in October 2013 and Rs 700 million in November. This will include workers’ salary of two months.
The top economic decision-making body of the country also decided that PSM would remain a public sector enterprise. While discussing a proposal for an interim relief for the Pakistan Steel Mills, the ECC decided that the Board of Investment chairman and Ministry of Industries should come up with a proposal for a long-term solution to the problem at the next meeting. The ECC also decided to export sugar after reviewing the current stock. The committee was told that in view of surplus position in the country and an expected bumper crop, sugar mills might be allowed to export a total of 500,000 tons of sugar, 250,000 tons by October 2013, and the remaining in November 2013.
The committee also decided that sugar stock position in the country would be reviewed on monthly basis while quota should be allocated on ‘first come, first served’ basis by SBP. “Export should be made against irrevocable letter of credit or a contract with 25% advance and shipment should be made within 45 days of the registration of contract with the SBP,” the committee further decided.
The ECC took this decision subject to the condition that sugar industry would clear the outstanding dues towards growers at the earliest and start crushing sugarcane in Sindh by November 1, 2013, and in Punjab by November 15, 2013. The ECC also decided to reduce inland subsidy from Rs 1.75 to Rs 1 per kg. The decision is likely to earn a foreign exchange of $ 480 million.

ISLAMABAD - Prime Minister Nawaz Sharif has taken strong notice of undue delay in issuance of termination letter to Pakistan Steel Mills Acting Chairman Saadat Cheema and has sought explanation from Establishment Secretary Shahid Rasheed and Industries and Production Secretary Shafqat Naghmi in this regard. Sources said Naghmi, who was appointed to the post during the tenure of PML-Q leader Pervaiz Elahi, had gotten Cheema appointed the chairman of the Export Promotion Bureau (EPB) on a contractual basis. He later got Cheema appointed acting chairman of the PSM by sending a summary and informed the prime minister that Cheema was being appointed on Elahi’s recommendation. They said Prime Minister Nawaz Sharif had approved a summary, proposing termination of Cheema as EPB chairman and PSM acting chairman, sent by the Ministry of Industries and Production on August 1. The Industries and Production secretary held the approved summary for one week before forwarding it to the Establishment Division on August 7 for notification. - See more at: http://www.pakistantoday.com.pk/2013/09/02/news/national/pm-takes-notice-of-delay-in-issuance-of-termination-letter-to-psm-head/ .qjYnQSm3.dpuf

PM takes notice of delay in issuance of termination letter to PSM head PM takes notice of delay in issuance of termination letter to PSM head

ISLAMABAD – PPP Parliamentary Leader in Senate Raza Rabbani has declared his party’s resolve to resist the government’s endeavours to privatise national assets as Pakistan Steel Mills (PSM) and Pakistan International Airlines (PIA).
Addressing a press conference at the Parliament House on Tuesday, he criticised the government’s efforts to privatise the PSM and PIA to some ‘strongly favoured business associates’, under false assumptions, accusations of illegal overstaffing which had overburdened PSM’s financial aspects.
Rabbani said the PPP had never madeany new appointments during its tenure, but rather regularised those working on contract basis, and daily wages; while he also ruled out any bail-out packages granted to Steel Mill during PPP tenure, save for some commercial loans, mark-ups of whichPSM failed to pay.
He also cited a Rs 21 billion bail-out package for the PSM by the caretaker government, which was augmented to Rs 28 billion by the industries secretary without prior legally mandatory permission of board. “Anyattempt to privatize Steel Mill shall never be tolerated by labor or PPP, soforget any privatization of Steel Mill”,he cautioned.
He also stressed for bill endeavoring amendment in article 51 to facilitate at least one seat for labor in Parliament, followed by another amendment in article 105 for provision of 2 seats for labor in all Provinces. He called for all political parties to support this demand, since the bill was labor-friendly.
PPP Senator Syed Ghani reminded thesession that it was mandatory for thegovernment to regularise contract and daily wages’ workers within 90 days, something that was not being practiced. He also denied any connection between President Zardari and Riaz Lal Jee.

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