Tag: Psm

Slowly and steadily our tangible assets are transforming into intangible assets. PIA, KESC, Railways, once earning units, are now running out on bailout packages...

ISLAMABAD - Pakistan would seek Russian assistance to boost production capacity of the Pakistan Steel Mills (PSM) from the present one million tonnes to three million tonnes per annum. This was stated by the Minister for Industries and Production Mir Hazar Khan Bijarani, while chairing a meeting on modernisation, revamp and extension (BMRE) of PSM through Russia's technical assistance.
The meeting was convened to prepare a Memorandum of Understanding (MoU), expected to be signed

ISLAMABAD - Pakistan would seek Russian assistance to boost production capacity of the Pakistan Steel Mills (PSM) from the present one million tonnes to three million tonnes per annum. This was stated by the Minister for Industries and Production Mir Hazar Khan Bijarani, while chairing a meeting on modernisation, revamp and extension (BMRE) of PSM through Russia's technical assistance. The meeting was convened to prepare a Memorandum of Understanding (MoU), expected to be signed

ISLAMABAD - The Supreme Court on Wednesday ordered the Federal Investigation Agency (FIA) to take action against the accused involved in over Rs 22 billion corruption in Pakistan Steel Mills (PSM). A three-member Supreme Court bench of Chief Justice Iftikhar Muhammad Chaudhry, Justice Muhammad Sair Ali and Justice Ghulam Rabbani was hearing the case of massive corruption in PSM. The court also directed the industries secretary to continue supervising the investigations. During the

ISLAMABAD - Even after being provided a massive financial bailout package worth Rs 21.5 billion during the last two fiscal years, the Pakistan Steel Mills (PSM) is still incurring losses of Rs 9 billion per annum.
A source at the Ministry of Industries said the government had already provided Rs 6 billion in cash to the PSM while giving a sovereign guarantee of Rs 15.5 billion to commercial banks. However, he said, the state-owned entity was still in the red, as it was causing a

ISLAMABAD - The Supreme Court on Wednesday directed the Federal Investigation Agency (FIA) to expedite investigation against the accused involved in the Pakistan Steel Mills (PSM) corruption scam. A two-member SC bench of Chief Justice Iftikhar Muhammad Chaudhry and Justice Ghulam Rabbani directed the lawyer for PSM, Fakhruddin G Ebrahim, to present an interim forensic report within a month.
Ebrahim told the court that PSM management had engaged a company to prepare the forensic

KARACHI - The Chief Executive Officer of Pakistan Steel Mills Wasif Mehmood visited the Coke Oven Battery Plant (COBP) and was briefed by senior production and BMR&E Directorate officials about the mills' working. The contract for reconstruction of two coke oven batteries was signed with Ukaranian Company in January 2007, at a cost of $23 million.

ISLAMABAD - The Supreme Court on Wednesday directed Secretary Industries and Production to submit a written report on the losses incurred by the Pakistan Steel Mills (PSM) and the steps taken to make up for them.
A three-member bench comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Muhammad Sair Ali and Justice Ghulam Rabbani was hearing a suo motu case into alleged corruption of Rs 22 billion in Pakistan Steel Mills. The court also directed the secretary to submit

ISLAMABAD - Employees of Pakistan Steel Mill (PSM) were relieved following intervention of Federal Tax Ombudsman (FTO) into the tax exemption case. According to a statement issued here on Tuesday, the FTO directed Federal Board of Revenue (FBR) to ensure uniformity of treatment to employees of all public sector organisations.
In a petition before the FTO, it was asserted, on behalf of employees of the Pakistan Steel Mill (PSM), that whereas organizations such as Pakistan National

KARACHI - Regarding news item published in Daily Pakistan Today, Karachi, on February 12, 2011, it is clarified that nomination of Shamshad Qureshi by the approval of Prime Minister of Pakistan as member Board of Directors of Pakistan Steel Mills (PSM) is highly appreciated and admired by workers of the PSM.
Qureshi is the Chairman of Pakistan Steel Peoples Workers Union (CBA) and under his leadership Peoples Workers Union got a hat trick in PSM referendums for determination of

The nomination of Shamshad Qureshi as member of the Board of Directors of Pakistan Steel Mills (PSM) has raised questions over government efforts to pull the mills out of the current crises.
It has been learnt that the PSM Collective Bargaining Agent (CBA) Chairman Shamshad Qureshi has been selected as the new board member of the mills despite the fact that he had earlier been nominated by the Federal Investigation Agency (FIA) in the infamous canteen corruption case.
If he

KARACHI - The administration of Pakistan Steel Mills (PSM) is incurring an expenditure of Rs 30 million every month in terms of its gas utility bill due to its hasty decision to keep Coke Oven Battery-1 heated at a time when it faces an acute shortage of raw material (coal and iron ore).
The battery was fired by the suspended PSM Chief Executive Officer Imtiaz Lodhi on December 1, 2010, by commencing the pre-heating process of the battery for the production of coke, while he

KARACHI - The degree of the suspended Chief Executive Officer (CEO) of Pakistan Steel Mills (PSM), Imtiaz Lodhi, will be send to Higher Education Commission or a charter accountancy firm for verification in the board meeting of PSM scheduled on February 4, 2011.
While the current acting CEO Wasif Mehmood appointed by the board had been posted to Lahore as a Deputy Manager before being appointed as CEO, he was serving as Director Production in the mills for the last three years,

ISLAMABAD - An emergency meeting of the Board of Directors (BOD) of Pakistan Steel Mills (PSM) was held in Karachi. The directors have suspended Imtiaz A, K, Lodhi who is currently acting Chief Executive Officer (CEO) and Chief Financial Officer (CFO) of Pakistan Steel Mills with immediate effect.
As an interim arrangement, the BOD has placed Principal Executive Officer Wasif Mehmood, as acting CEO in addition to his present assignment. The BOD had requested the concerned

ISLAMABAD - The Cabinet Committee on Restructuring (CCOR) on Thursday finalised recommendations for the restructuring of the Board of Directors for the loss making Pakistan Steel Mills, Pakistan Railways and National Transmission and Distribution Companies.
The recommendations of CCoR will be submitted for consideration of the federal cabinet before their final approval. Finance Minister Dr Abdul Hafeez Shaikh chaired the CCOR meeting, which was attended by ministers for power,

ISLAMABAD - The Public Accounts Committee (PAC) expressed its dismay and anger on Tuesday when it found that a man previously expelled from the Zarai Taraqiati Bank Limited on charges of possessing a fake educational degree was currently serving as the acting chairman of the Pakistan Steel Mills. "Does accountability revolve around parliamentarians only, as others are offered lucrative positions as a reward for their corruption," said Riaz Hussain Pirzada, after learning that the

KARACHI - Pakistan Steel Mills (PSM) is facing a dire shortage of iron ore and it seems likely that it will lower output further from its current level of 30 percent in the coming weeks. It has been learnt that the mills holds roughly 5,000 metric tonnes of iron ore, which is insufficient in operating beyond the 30 percent level, with about 1,000-2,000 metric tonnes of local iron ore being consumed on a daily basis.
According to sources, last month the mills used 30,000 metric