BISINISS WORLD NEWS

   KARACHI: The Senate’s Standing Committee on Industrial Production was told that Pakistan Steel Mills (PSM) badly needs Rs15 billion as bailout package, as it currently stands at 25 percent of its capacity, Geo News reported Thursday.

The Committee met here under the Chairmanship of Senator Muhammad Ishaq Dar while its members including Senators Adnan Khan, Islamuddin Sheikh, Gull Muhammad Lot, Abudl Haseeb Khan, Ilyas Ahmed Bilour, Mir Hasil Bazinjo, Haroon Khan and Semeen Siddiqui attended the meeting. Minister for Industries and Production, Mir Hazar Khan Bijrani and Special Secretary Senate, Iftkhar Ullah Babar were also present in the meeting.

The officials from Industries and Production ministry told the committee that the PSM is in persistent loss and more deficit of Rs8 billion is feared this year.

They further told that it is vitally important to ramp up the PSM production up 75 percent; for which, Rs15 billion are urgently needed.

The committee members also demurred at the sitting Chairman who took a car worth Rs4 million and a mobile of Rs150,000.

Considering the current sugar crisis, the committee formed a sub-committee under the convenership of Senator Islamuddin Sheikh with Senators Haroon Khan and Ilyas Ahmed Bilour as its members.

The committee recommended that supply of sugar to the outlets of Utility Stores Corporation should be increased through the imported sugar which is in pipeline to facilitate the people.

The committee would tackle issues relating to the sugar prices and firm up proposals and recommendations so that the minister could convey the same in the next meeting of Economic Coordination Committee (ECC).

The Sub Committee was tasked to ensure that the sugarcane growers receive their dues from mill owners and volume of Non-Performing Loans of banks does not enhance.

It also directed that the new policy should be consumer-friendly but at the same time it should also protect the legitimate interest of the mill owners. While discussing the issues relating to Pakistan Steel Mills (PSM), the Ministry of Industries and Production agreed with the findings of the sub-committee headed by Senator Haroon Khan.

The Committee felt that the PSM matter be left here and let the FIA and the Supreme Court complete their respective inquiries. However, the Committee will share its report with the Senate. The Committee will closely monitor the working of the PSM and would seek a briefing from the new management on restructuring and business plan feasibility.