Published On: Thu, Apr 4th, 2019
Published in Category: Business / Investment / Islamabad

Russia, China interested in investment in Steel Mills

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ISLAMABAD: Advisor to Prime Minister for Commerce, Taxtil, Industry& Production and Investment Abdul Razak Dawood on Wednesday informed the Senate Standing Committee on Industry and Production that China and Russia have expressed their interest in investment in the Pakistan Steel Mills.

However, the final decision in this regard will be taken in ECC meeting. He said property mafia wants to grab land of Steel Mills but they will not be allowed to encroach even a single inch of that land.

The committee recommended operation of other units of the Steel Mills and release of the pension and graduates of the retired employees of the Mills.

The committee meeting was held under the chair of Chairman Senator Ahmed Khan at the Parliament Houses Islamabad on Wednesday. Other members of the committee were also in attendance.

The chairman of the committee informed the meeting that three Chinese and three Russian companies have expressed their interests in the Steel Mills. He also informed the committee that the machinery in the Steel Mills has been outdated.

The advisor said the organization was a profitable institution in 2008, adding that non-technical heads have put this institution on the edge of destruction.

He said currently over Rs5 billion’s material is present in the Steel Mills and the government was taking measures to secure it. He said everything is present in the country but still due to increase in dollar price has put the country on the edge of bankruptcy.

Protesting against Senate remarks regarding Steel Mills, Chairman Steel Mills Khalid Jahangir Butt demanded of the Senator to take its words back.  He said every government played its role in the destruction of the Steel Mills.