Caretaker Prime Minister Mir Hazar Khan Khoso on Friday constituted a three-member committee for preparing concrete and practical recommendations to overcome the financial woes of the Pakistan Steel Mills (PSM).
The committee consists of secretaries of ministries of finance and production, and chief executive officer (CEO) of Pakistan Steel Mills.
The PM constituted the committee while presiding over a meeting to review the overall performance of PSM and the challenges it faces.
Briefing the PM, Ministry of Production Secretary Shahid Ullah Baig said the basic cause of losses incurred by PSM was due to its inability to utilise its capacity and that it would break even only if its production was 75% of the total capacity.
He also informed the PM that four bailout packages had been given to PSM but they could not help in improving its performance because of piecemeal payments.
HIGHWAYS AND MOTORWAYS
Separately talking to Federal Minister for Communication, Ports and Shipping Asadullah Khan Mandokhel, Prime Minister Khoso said that road network is crucial not only in connecting different parts of the country but also for sustained economic growth.
Khoso urged the Ministry of Communication to vigorously pursue communication projects so that economic activity can be accelerated. He said that the Ministry of Communications should prioritise work for early completion of inter-provincial highways, adding that the quality of work must be maintained at par with international standards.