Tag: Psm

PQA follows PSM precedent

KARACHI: One of the most important ports of the country, Port Qasim Authority (PQA), is now firmly set on the path of the Pakistan Steel Mills (PSM), as directors who do not possess requisite expertise or commercial maritime experience have damaged the capabilities of the organisation.
According to sources, the Director General Operations Jawed Hanif previously served as District Coordination Officer (DCO) of Karachi; a position which did not furnish him with essential know-how

PSM accrues Rs 8.09b in expenses

KARACHI: The total expenditures sustained by Pakistan Steel Mills (PSM) in the first three months of the current financial year stood at Rs 8.09 billion.
The tentative balance sheet of the PSM made available with Pakistan Today, reveals that the total expenditure of the mills in the first three months - July, August and September - of the current fiscal was calculated to be 2.54 billion, 2.83 billion and 2.69 billion, respectively.
The items of expenditures include raw

PSM awaits budget approval

KARACHI: The proposed budget of the Pakistan Steel Mills for the current fiscal year is yet to be approved by its board of directors as PSM is still operating on adhoc basis. Pakistan Today has reliably learnt that administration of mills has failed to attain approval for the annual budget of mills from the board.
Mills have reported losses of approximately six billion rupees in the four months of the current fiscal year. Total sales recorded from July to October this year stand

SC refuses to halt PSM investigation

ISLAMABAD: A three-member Supreme Court bench on Thursday declined to halt investigations into corruption of over Rs 22 billion in the state-owned Pakistan Steel Mills (PSM) and directed the Federal Investigation Agency (FIA) to submit a progress report into the case within a month.
The bench of Chief Justice Iftikhar Muhammad Chaudhry, Justice Tariq Parvaiz and Justice Ghulam Rabbani was conducting suo motu hearing on reports of alleged corruption of Rs 22 billion in PSM. The

PSM caught between a rock and a hard place

KARACHI: The Pakistan Steel Mills (PSM) board has approved an increase of 15 percent in the salaries of PSM employees, as per the announcement made in the federal budget. The board has also directed the PSM chief executive officer (CEO) to assess whether the 50 percent rise in salaries, as announced in the federal budget 2010-11, would be feasible for the PSM or not.
The decision was made in the PSM board meeting held on October 7 in the wake of a letter written by PSM officers

PSM hires five officers on high salaries to help counter crises

KARACHI: The new administration of the Pakistan Steel Mills (PSM) has hired five high salaried officers on contract basis amid the entity's severe financial crunch.
The administration has hired Noor A Memon as the administration director, Khursheed Abbas as the security general manager, Brig (Retd) Rao Wahab as the director in administration, Razzaq Baloch as the deputy general manager in administration and also hired a person as the financial adviser.
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