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July 20, 2019
Business Latest Pakistan

Experts’ group to explore options for PSM revival

ISLAMABAD: Prime Minister Imran Khan has approved formation of an expert group of private steel companies and Hub Power Company Limited (HUBCO) to explore options for the revival of Pakistan Steel Mills’ (PSM).

Adviser to the PM for Commerce, Textile and Industry Production Abdul Razak Dawood has received a nod of approval from the prime minister over the consultative arrangement involving an expert group to explore options for the re-operationalization of PSM.

Though the Prime Minister accorded approval to the plan, the Board of PSM is yet to give its green signal.

Sources said that a meeting of the PSM board will be held today to decide whether private steel companies and HUBCO group should take responsibility for the revival of PSM.

The sources added that the PSM board will also discuss the offers so far presented by Russia and China regarding the revival of PSM.

Adviser Razak Dawood, while setting aside Pakistan Steel Mills (PSM) board of directors as well as Public Procurement Regulatory Authority (PPRA) rules, has already decided to hand over the task of PSM revival to ‘favourite’ private steel mill companies and Hub Power Company Limited (HUBCO).