KARACHI: Federal Minister for Labour and Manpower, Syed Khursheed Ahmed Shah on Monday said that the PPP Government is determined to revive and expand Pakistan Steel, and strongly rejected the impression that the Mill will be privatized.
The Minister was addressing the Pakistan Steel workers at the oath- taking ceremony of the newly elected office-bearers of the Pakistan Steel Peoples Workers’ Union within the premises of the Mills. Central Secretary General of the PPP, Senator Jahangir Badar, Advisor to the Sindh Chief Minister, Rashid Rabbani, Special Assistant to the CM, Syed Waqar Mehdi, President PPP Karachi, Syed Najmi Alam, General Secretary PPP Karachi, Saeed Ghani, Secretary General of the Labour Bureau Pakistan and former Sindh labour minister, Khawaja Muhammad Awan, Acting CEO of Pakistan Steel Imtiaz Ahmed Lodhi besides officials of the Peoples Union (CBA) were present.
The Federal Minister said that the Steel Mill has a great potential to grow. It has never been a burden on the national exchequer. Not a single penny has ever been given to it as subsidy. This project was completed at a total cost of Rs 25 billion and it has so far returned to the national exchequer more than Rs 97 billion in the shape of duties and taxes. It has retired entire previous loans and is capable enough to re-pay the new loan of Rs 25 billion recently approved by Prime Minister Syed Yousuf Raza Gilani that is named “Pakistan Steel Bail Out Package.” The PSM has already got Rs three billion as part of this package.
The Pakistan Steel has given a lot to the nation. We should not hesitate to provide funds, if needed, for its revival and strength, the Minister asserted. President Asif Ali Zardari takes great interest in the revival and expansion of the Pakistan Steel seeing it as Shaheed Zulfiqar Ali Bhutto’s gift to the nation, he added.