Privatization proposals for Pakistan steel mills – 247 City News
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Privatization proposals for Pakistan steel mills

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A general view of the deserted hot strip mill department of the Pakistan Steel Mills (PSM) on the outskirts of Karachi, Pakistan, February 8, 2016. To match Insight story PAKISTAN-STEEL/PRIVATISATION REUTERS/Akhtar Soomro

ISLAMABAD: The Ministry of Industries and Production (MoIP) failed to submit its proposal since, the Cabinet Committee on Privatization (CCOP) at its meeting on Monday could not decide on enlisting the Pakistan Steel Mills (PSM) on the privatization plan.

Federal Cabinet endorsed the privatization of PSM, as well as the Economic Coordination Committee (ECC) of the cabinet had approved the proposal too.

Enlisting public sector entities on the privatization agenda can only be done through the forum of CCOP.

According to sources privy to the information, the Privatization Commission is likely to include PSM on the privatization agenda once CCOP grants approval to the proposal.

CCOP directed the MoIP to submit the proposal on PSM at its next meeting scheduled for next week.

The meeting discussed various measures recommended by the task force to progress energy sector’s performance with a focus on decrease of losses and increasing the efficiency of DISCOs.

The CCOP also directed the Ministry of Energy officials to submit proposals aimed at accelerating closure of those power generation companies that have outlived their recommended life and incurring losses.


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