ASIA NEWS NETWORK
WE KNOW ASIA BETTER
Russia keen on investing US$1bn in Pakistan Steel Mills
Publication Date : 24-09-2013
Pakistan Steel Mills (PSM) CEO Wasif Mehmood has said that Russia is keen in investing US$1 billion for the mill’s expansion.
He said this during Federal Minister for Industries and Production Ghulam Murtaza Jatoi’s visit to the Steel Mills on Monday.
Mehmood said that in the first phase, production would be increased to 1.5 million tonnes from the mills’ capacity of 1.1m tonnes and to 3m tonnes in the second phase.
The Steel Mills CEO further informed that the mill urgently needed 29 billion Pakistani rupees ($2.54 million) to procure raw materials and make other arrangements.
He said the mill has to pay 17 billion Pakistani rupees ($1.52 million) to the Sui Southern Gas Company (SSGC). He added that the Petroleum Ministry should help out PSM in paying the SSGC bill.
The federal minister assured the workers and employees of PSM for early disbursement of August and September salaries.
He said that he would review the proposals sent by the mills’ chief executive for its expansion.
He said that PSM faced a severe raw material shortage and added that he would make every effort to improve the performance of state-run unit.
He urged the management to control unnecessary expenses and losses so that the mill could play its role in country’s economic development.
The minister said the government would maintain the national asset as thousands of people and their families were directly and indirectly relying on its existence.