Adviser to Prime Minister on Commerce, Textile, Industries and Production Abdul Razak Dawood has said that the revival of Pakistan Steel Mills (PSM) requires a minimum investment of $100 million.
He made these remarks on Wednesday while briefing a Senate Standing Committee on Industries.
Razak said the resumption of PSM is a whole new process, and thus requires a hefty sum of money.
He informed the Senate body that the government was considering various options including a public-private partnership to revive the country’s valuable asset.
Adviser to PM on Industries and Commerce observed that a smart business plan is required to make PSM a profitable business again.
“Pakistan Steel Mills was once country’s leading enterprise and the only integrated steel plant with production capacity of 1.1 million tons per year; it is now virtually dead,” Razak Dawood regretted.
Abdul Razak Dawood revealed that all was well with Pakistan Steel Mills till 2012, then self-interest and corruption destroyed the valuable asset of the country which is now on the verge of closure.
Razak seconded Senator Nauman Wazir Khattak’s remarks that the government should not be involved in any business.
“This is a businessman’s prerogative because he will go to any length to achieve his goals,” he added.
Speaking on the occasion, Senator Sitara Ayaz, also a member of the Senate committee, disagreed with complete privatization.
She also lamented the government’s decision to remove the PSM chairman going against the committee’s recommendation.
While Senator Muhammad Ali Asif termed it a breach of privilege, Committee Chairman Senator Ahmed Khan summoned all the records of the appointment of the new CEO and removal of the old one from the Ministry of Industries.