Way forward towards revival of Pakistan steel

Karachi, January 21, 2020: Pakistan Steel Mill BoD’s 407th meeting was held on 16th January, 2020 at Karachi wherein Hon’ble Chairman BoD Mr. Aamir Mumtaz has briefed about the ongoing plans to be carried out towards revival of organization, execution within schedule time frame and post transaction activates inasmuch as its successful achievement through PPP Transaction.

The Board has discussed all the aspects in length and approved several initiatives that will lead to on the ground improvements, which includes preparation of workforce to shoulder the responsibilities of revival plan in a successful manner, retirement issues as well as loss reduction measures by adopting best possible options.  

The Revival team will be expanded by inclusion of new members at top management level i.e. Chief Executive Officer, Chief Financial Officer, PEO (Admn. & Personnel) and General Manager (Security) which will definitely overcome the vacuum through hiring of professionally competent incumbents against these key positions which are presently lying vacant for a quite some time.

The skill set of the new recruits is mostly strong administration and asset protection rather than Steel Industry as owing to the fact that the revival partner will likely induct own executive team with a pedigree in operating Steel Mills. These new appointments should bring about improvement in many key areas such as administration, accountability, security and operations including financial management in a proficient manner.

The Privatization Commission is leading the process of selecting a partner with the assistance from the Transaction Advisor. The contract with the Transaction Advisor has been signed.  The PSM Revival Team will begin working with the Transaction Advisor this week.  The newly constituted Risk Management Team will look at potential risks that might derail the exercise and develop appropriate mitigation strategies.

In order to bring the workforce on board and to make them associated with the efforts and revival activities, briefing will be given to them on regular intervals, which will starts shortly. Plans are afoot to launch other skills training initiatives that will help employees retrain and to get optimum utilization of their experience through skill development. The Management is also exploring creative ways of addressing Retiree Dues issues using its own resources.

The finance team completed long overdue audit of accounts for three years, expects to complete the audit of 2018 – 2019 financial year soon for which report will be presented before the Board in its next meeting.

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