ECC discusses Pakistan Steel Mills revival plan

[AZADPAKISTAN2009]

https://www.thenews.com.pk/latest/416285-ecc-discusses-pakistan-steels-revival-plan

slamabad: Finance Minister Asad Umar chaired meeting of Economic Coordination Committee of the Cabinet (ECC) here on Tuesday.

The ECC had a detailed discussion on the proposal of Textile Division regarding withdrawal of custom duty, additional custom duty and sales tax on import of cotton.

The proposal was aimed at facilitating the import of cotton to bridge the demand and supply gap in the country, thereby helping out the textile industry, especially the export segment.

The Committee noted that detailed trade and revenue related data was required, which was not made part of the proposal. The relevant ministries were directed to fill the data gaps so that an informed decision could be taken in the matter.

The Ministry of Industries & Production shared with the meeting progress on the plan of action currently being formulated by a specially constituted experts group, suggesting viable options to revitalize the Pakistan Steel Mills (PSM).

The committee directed that the plan of action should be prepared in a cohesive manner, taking on board the PSM Board of Directors/Management and submitted for final approval as per the given timelines.

 

[AZADPAKISTAN2009]

Govt to clear Pakistan Steel’s dues, turn it around: Fawad Chaudhry
https://www.samaa.tv/news/2018/12/g...eels-dues-turn-it-around-says-fawad-chaudhry/
The government has decided to release all the dues (till 2019) of Pakistan Steel Mills, Federal Information Minister Fawad Chaudhry said on Thursday while sharing details of the federal cabinet meeting that took place earlier in the day.

Addressing a presser in Islamabad, the minister said people will see that unlike their predecessors, this government will turn around the one-time steel giant, which has Rs43 billion in outstanding debts as of September, 2018, according to the central bank’s data.

In November, the Economic Coordination Committee, a top government body on economic decisions, had dropped the PSM from the list of government-owned companies that were put under its privatization plan.


There are about 200 public sector companies and an overwhelming majority of them are in losses because of mismanagement, operational inefficiencies, ailing infrastructure and political interventions. Collectively, these companies consumed Rs1.3 trillion of the taxpayers’ money as their total debt and liabilities rose 23.5% last year.

These companies, particularly white elephants PIA, Wapda and PSM, are a major drain on our economy. However, successive governments have failed to reform them, let alone turning them into profitable entities.

 

[Syed1.]

PSM uses machinery and process from the 60s-70s. It is totally obsolete now, plants in China can produce double the steel in half the production cost. A complete honest overhaul of the steel mill is needed if it has to be turned around.


Also since Pak's steel production per capita is so low I wouldn't mind if government incentives private investors in building their own steel mills. We need at least 5 mega steel mills to meet the demand for dams and other upcoming infrastructure projects.

 

[khansaheeb]

Excellent news, we need to look at the core necessities of technology and systematically reduce the imports and become self reliant and focused on indigenous production.

 

[Thəorətic Muslim]

Also since Pak's steel production per capita is so low I wouldn't mind if government incentives private investors in building their own steel mills.

Pakistan already has private steel mills. <- This is an incomplete list but something to start off of.
Guess who they're owned by.

We need at least 5 mega steel mills to meet the demand for dams and other upcoming infrastructure projects.

Lol. 4 submarines, a couple FACs, a dam here and there aren't going to need 5 'mega steel mills'.

 

[khansaheeb]

Pakistan already has private steel mills. <- This is an incomplete list but something to start off of.
Guess who they're owned by.



Lol. 4 submarines, a couple FACs, a dam here and there aren't going to need 5 'mega steel mills'.

If the supply is there then consumption and demand will increase. It's like money if people have surplus money they start to think of what they can do with it and start using it in imaginative ways. Same with Steel.

 

[Thəorətic Muslim]

If the supply is there then consumption and demand will increase. It's like money if people have surplus money they start to think of what they can do with it and start using it in imaginative ways. Same with Steel.

Your response is a weak understanding of Say's Law?

.......

Dude.... I'm insulted.

 

[khansaheeb]

Your response is a weak understanding of Say's Law?

.......

Dude.... I'm insulted.

Seems like you have never had surplus money in your pocket

 

[AZADPAKISTAN2009]

Should be handed over to Fauji Foundation let them do hiring for workforce from scratch on merit