My prediction was Option # 1, and here it is!!!
And why not ?
My prediction was Option # 1, and here it is!!!
aisa hi hai baqi k naam sirf formalities ko pora karnay k liya tha.
Usman Siddique was the best choice lakin yahan ganga ulti behti hai.
Jis ko steel mills ki abc nahin pata usay CEO laga diya hay phir kehtay hain Idare tabaha kyun hotay hain.
And why not ?
PTI was hijacked sometime back around dawn leaks scandal, when the civilians tried to rein in the mighty
Now in reality it’s the army and establishment which are running the country
So no surprises here
PSM had notched up cumulative profit of Rs9.54 billion up to financial year 2007-08 during the tenure of Pervez Musharraf’s government.bhai please let us know when it gave the profit last time. for last five years if there was a maj-gen who appointed that man five years ago. I guess not IK
PSM had notched up cumulative profit of Rs9.54 billion up to financial year 2007-08 during the tenure of Pervez Musharraf’s government.
PSM recorded a loss of Rs16.9 billion in 2008-09, which jumped to Rs118.7 billion in five years. When the PML-N government came to power, PSM’s loss continued to swell and reached Rs200 billion at the end of its tenure on May 31, 2018.
In FY09, the mill had suffered the loss in the wake of decrease in sales, high prices of imported raw material and low capacity utilisation.
Sales weakened due to the global economic recession and the halt to government’s development projects under the Public Sector Development Programme (PSDP) to curb overall expenditure.
Liquidity crunch in the country, import of steel products at lower prices and closure of production units of the steel mill due to gas outages were other drawbacks.
A flood of cheap steel imports from China created hurdles in the way of smooth functioning of the steel mill.
In order to counter that, PSM, in a petition, asked the National Tariff Commission to slap anti-dumping duties on cheap steel imports that were among primary reasons for the collapse of the industrial giant.
After missing the deadline to revive the mill, officials of the Ministry of Industries and Production appeared to be convinced that real reasons for the hefty losses were not only its operational challenges, bad management and poor plant maintenance, but also competition with cheap steel imports from China.
In a meeting of the Economic Coordination Committee held on March 19, 2016, the ministry officials held the Pakistan-China free trade agreement, in force since 2007, responsible for the mill’s financial collapse.
They also acknowledged that PSM’s failure to meet capacity utilisation targets came as a result of forced closure of one of its plants due to poor maintenance.
Earlier, attempts to sell off the mill were abandoned in 2006 following a Supreme Court judgment that said the process lacked transparency.
The industries ministry had been tasked during the PML-N government’s tenure with increasing the mill’s capacity utilisation to 77%, a level where it would break even, by January 2015 and then it would be put up for sale.
According to the Rs18.5-billion bailout and turnaround plan for PSM approved in April 2014, the ministry was supposed to help the mill hit 60% production capacity by November 2014.
However, it could not meet the goal because of unexpected shutdown of the mill in the face of poorly maintained infrastructure.
Public utility Sui Southern Gas Company (SSGC) also suddenly stopped gas supply to the steel mill over payment dispute, which brought steel production to a halt in June 2015.
Since then, PSM has exhausted its finished inventory, but has not been permitted to sell unfinished stock.
PSM, which owes Rs19 billion to SSGC, had been operating at average 33% capacity when the gas utility suddenly cut off supplies. Since then, the mill had not been operating and its losses had continued to mount.
An official pointed out that it was a surprise for the industries’ ministry that SSGC had been providing gas to K-Electric despite overdue payment of billions of rupees, but it disconnected supplies to the steel mill when it was stepping towards revival.
Turning a pre-dated announcement into a prediction? What is the next low mark you are going to hit?My prediction was Option # 1, and here it is!!!
The Board of Directors of PSM has recommended the government names of three shortlisted candidates for the post of Chief Executive Officer (CEO) of Pakistan Steel Mills with priority No.1 candidate having degrees in warfare and strategic studies.
PSM requires a transitory CEO who can fulfil the role of a strong administrator and guardian of the assets of PSM and help execute a plan of action to prepare the Mills for a public private partnership. The transition plan may last from one to two years. During this transition there will be no steel production and focus will be on maintaining all the assets and operating the non-core functions in the most professional and compliant manner, reduce expenses, generate non-core income and manage the late pool of employees with little productive work.
After holding detailed interviews and assessments of their suitability, BHRC has made short listing in accordance with their performance displayed by them during the course of interview and accordingly made recommendations. As per the decision of the BHRC, Brig (R) Shujah Hassan has been recommended for selection as top priority candidate. The qualification of the priority candidate is M.Sc (Hons) War Studies-2002, MSc (Hons) Defence and Strategic Studies-2006. The experience of the candidate includes “Experience in Army only Internal Posting Transfer in GHQ Corps HQ and Brigade HQ and Regimental Units”.
Giving its justification regarding the priority No.1 candidate, BHRC said that the nature of his assignments during his professional life with Pakistan Army and with a strategic organisation commensurate with the requirements for the Post. He also showed passion and commitment to handle the short term objectives of the post. Candidate demonstrated strong commitment to support the vision of the GoP and the BHRC to revive the Mill. He has deep administrative experience, passion to take on this difficult national cause, appears tough minded and pragmatic, good network of contacts in Karachi (by virtue of earlier stint with Rangers), not discouraged by the environment and wining to be resourceful and practical, Accepting of the short term nature of the project.
نہیں نہیں....حفیظ تو ماشااللہ بچپن سے ہی ہونہار بچہ تھا....Turning a pre-dated announcement into a prediction? What is the next low mark you are going to hit?
Islamabad-The Board of Directors of PSM has recommended the government names of three shortlisted candidates for the post of Chief Executive Officer (CEO) ofnation.com.pk
Saari dunya aik taraf bhai saboo dusri taraf keep it up life will not drag on without witty writer