The federal government is inviting applications for the post of Pakistan Steel Mills (PSM)’s Chief Executive Officer (CEO).
The decision to advertise the vacancy was made during the federal cabinet’s meeting. The move is a step towards realizing the government’s plans to make PSM a profitable organization by governing it through a public-private partnership.
As per a source privy to the matter, the government intends to inject money into the loss-making entity before attracting private investment.
To achieve this, the PSM has invited applications for a dynamic and result-oriented leader with the potential to lead the organization towards progress.
At the moment, the industry is in crisis, with a production capacity of 1 million tons of steel and iron foundries.
The government’s revival plan aims to double the PSM’s production each year in an attempt to achieve the target of 3 million tons per annum to return it to profitability.
It should be noted that the Economic Coordination Committee (ECC) has put the PSM on the privatization list.
However, the Adviser to the Prime Minister, Razak Dawood, had insisted on postponing the idea. He then held several meetings with different companies for PSM’s revival through a public-private partnership.