Pakistan’s Steel industry news and business
Monday February 19th 2018

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A few good men

A few good men

Help! The vultures are hovering around the dying Competition Commission of Pakistan (CCP). In exactly seven days they will be able to feed on the carcass of its chairman and the commission. Why are the government and the opposition keen to see the end of the CCP and Chairman Khalid Mirza? Simple. Everybody, and I mean everybody from the [...]

Usman Farooqui cleared in PSM misappropriation case

Usman Farooqui cleared in PSM misappropriation case

Accountability Court (AC) No 4 here Friday has acquitted former chairman of Pakistan Steel Mills (PSM) Usman Farooqi from the corruption case. In the previous hearing Raza Hashmi, counsel for Usman Farooqi had argued that the case against his client was registered with malafide attention and his client had no relevance with the corruption case at [...]

Gravely sick Pakistan Steel being set up for a grab

Gravely sick Pakistan Steel being set up for a grab

Tales of corruption, mismanagement, loot and plunder in the Pakistan Steel Mills (PSM) are far more serious than what is believed or has been reported in the media. The gravely sick organisation has shown losses of Rs29 billion in the year July 08 to June 09 and another Rs11 billion during the first eight months of 2009-10 whereas its immediate [...]

Traders decline ITP,demand revision

Traders decline ITP,demand revision

Steel importers and traders have unanimously rejected the Import Trade Price (ITP) recently revised upward by the Customs up to 60 percent and demanded to revise for the determination of values for flat rolled products of iron and steel products (HR, CR and GP Sheets). Shamoon Bakir Ali, President, Karachi Iron & Steel Merchants Association [...]

Impact of rise in ITP up to 60 percent: Pakistan Steel increases prices of 3 products

Impact of rise in ITP up to 60 percent: Pakistan Steel increases prices of 3 products

Pakistan Steel has raised the prices of different products to offset the rising price impact in the international market, sources told Daily Times. According to the sources, Pakistan Steel has raised the prices of its four main products including hot rolled coils, cold rolled coils and galvanised coils by Rs 1,000 to Rs 1,500, effective from [...]

PSM board elects chairman

PSM board elects chairman

KARACHI: The newly-constituted Board of Directors of Pakistan Steel here on Thursday elected Fazalullah Qureshi as chairman of the board with the consensus of all the members. The board also discussed different key issues and made policy decisions accordingly, says a press release. The board members were: Fazalullah Qureshi, ex-Secretary [...]

Mr Malik Asrar Hussain appointed new MD of PSM

Mr Malik Asrar Hussain appointed new MD of PSM

Mr Malik Asrar Hussain a BS 21 officer of District Management Group presently posted under the government of Sindh has been transferred and posted as CEO of Pakistan Steel Mills Corporation under Ministry of Industries and Production with immediate effect and until further orders. A notification no PF (317)/E-5(DMG) dated: March 1st 2010 was [...]

Cabinet approves restructuring of 8 public enterprises

Cabinet approves restructuring of 8 public enterprises

ISLAMABAD: The federal cabinet on Wednesday approved the restructuring of eight major public sector enterprises (PSEs), which include the Pakistan International Airlines (PIA), Pakistan Steel Mills (PSM), Pakistan Electric Power Company (PEPCO), Pakistan Railways (PR), National Highway Authority (NHA), Pakistan Agricultural Storage and Services [...]

FIA gets eight days to submit scam report

FIA gets eight days to submit scam report

ISLAMABAD: The government has given eight days to the Federal Investigation Agency to submit a first report on alleged corruption in Pakistan Steel Mills and asked it to identify the people who had caused immense losses to the country’s largest industrial unit. The decision was taken at a high-level meeting held on Tuesday in pursuance of [...]

Board of Director of Pakistan Steel Mills Corporation re-constituted

Board of Director of Pakistan Steel Mills Corporation re-constituted

The government on Monday re-constituted the Board of Directors of Pakistan Steel Mills Corporation. According to statement issued by the Ministry of Industries and Production here, twelve Directors have been included in the Board. Detail as follows: i. Additional Secretary-II, Ministry of industries and Production Director, ii. Additional [...]

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