ISLAMABAD: The Ministry of Industries and Production on Friday announced the appointment of an 11-member Board of Directors (BoD) for the non-functional Pakistan Steel Mills Corporation (PSMC).
The reconstitution of the board was approved by the Federal Cabinet on September 20, 2024. The new board consists of both ex-officio and independent directors, with Saifullah Chatta appointed as the independent Chairman.
Key ex-officio members include the Secretary of Industries and Production, the Secretary of Finance, the Chief Secretary of Sindh, the CEO of Pakistan Steel Mills, and the CEO of the National Productivity Organization. Independent members appointed to the board are Imran Bashir, Aziz Ul Haque Nishtar, Engr. Ashique Ali, Engr. Absar Nabi, and Adeeb Ahmad. This reconstitution is part of the government’s strategy to improve governance and operational efficiency in state-owned enterprises, as mandated by the State-Owned Enterprises (Governance and Operations) Act of 2023. The PSMC has the potential to ramp up production to 3 million tonnes of cold and hot-rolled steel annually, a significant increase from its last production figure of 1.1 million tonnes. The mill last reported a profit of Rs9.5 billion in the financial year 2007-08, but its financial situation has since deteriorated, leading to substantial losses.