The Economic Coordination Committee of the Cabinet (ECC) here on Thursday approved Rs18.5 billion restructuring plan for the Pakistan Steel Mill (PSM).
The plan for PSM envisages achieving 77 per cent capacity of the PSM till June 2015. Muhammad Zubair, Chairman Privatisation Commission informed the ECC that at this stage, the PSM was functioning at 3-6 per cent capacity due to shortage of funds and it was not possible for the plant to run for a long period at this capacity.
Zubair concluded that there is an urgent need to focus on its restructuring in order to get a better price of the public asset.
