Federal Minister for Production Anwar Ali Cheema proposed the government on Tuesday to sell the Pakistan Steel Mills (PSM), saying that its issues could not be resolved. Talking to reporters at his office, the minister said, “The PSM has too many complex issues interlinked with it that the government cannot rectify despite serious efforts.” The minister said that the PSM is under the control of Cabinet Committee on Restructuring of State Owned Enterprises (CCOR) – headed by Finance Minister Dr Abdul Hafeez Shaikh instead of Ministry of Production.
“PSM needs major restructuring and huge financing for reform,” he said. Anwar said that he has no role in appointment of the Chief Executive Officer (CEO) and board members. He said that his ministry has already submitted a report for down sizing of the PSM, establishment of a new board and appointment of a new CEO, adding that the PSM board had forwarded three names for the CEO of the steel mills, which he had rejected and forwarded the note to Prime Minister Yousuf Raza Gilani.
