PSM Board Meeting to Discuss Future Strategy Today

Pakistan Steel Mills Board Meeting to Discuss Future Strategy Today

Islamabad (Business Recorder / Mushtaq Ghumman / November 5, 2013) – Pakistan Steel Mills (PSM) Board of Directors (BoD) is scheduled to meet Tuesday (today) with Secretary Industries and Production, Shafqat Naghmi, in the chair to finalise future strategy for the ‘sinking’ entity. The strategy will be submitted to the federal government for final approval.

A three-member committee comprising Shah M Saad Hussain, Asad Ali Khan and Engineer Abdul Jabbar Memon will present its report to the Board on way forward for the PSM. Finance Minister Senator Ishaq Dar has already assured the IMF that the loss-making PSM will be privatised as the earliest. Three options, sources said, are expected to be considered by the Board – liquidation, revival or privatisation – with main focus on revival of the mills either through bailout package or through the private sector, which intends to extend material support to the mill.

People’s Workers Union wins Pakistan Steel CBA referendum

Karachi (November 05, 2013 / Business Recorder News Report) – People’s Workers Union (PWU) has won Pakistan Steel Mills (PSM) referendum and become Collective Bargaining Agent (CBA) for next three years. The referendum was held on Monday on the directives of NIRC and witnessed about 80 percent of turnover as out of 10,179 registered voters some 8,191 workers cast their votes. Some 18 polling stations were set up at Pakistan Steel for the polling which started at 8 am and continued till 5 pm without any interruption.

According to unofficial result Pakistan Steel Peoples Workers Union secured 4,264 votes, Pakistan Steel Labour Union (PASLU) 3,570 votes and a coalition of Workers League and United Workers Union (UWU) bagged only 288 votes. While, some 54 votes were declared invalid/ rejected.

With this victory for the fifth consecutive period PWU has become PSM CBA, earlier PWU had won PSM referendum in 1995, 1995, 2008, and 2010. After result a large number of workers reached CBA office Pakistan Steel to celebrate the victory of PWU. While, addressing the workers gathered at CBA office, Shamshad Qureshi chairman PWU said that this victory is reward from Allah because of our efforts for the national asset. He said that PWU is against the privatisation and will make all efforts to stop the sale of Pakistan Steel.

He also demanded the one go bailout package for revival of Pakistan steels and said that timely availability of raw materials will be our first priority to run this mills at maximum production capacity. Shamshad Qureshi also presented rich tribute to the Zulfiqar Ali Bhutto and Benazir Bhutto and said that the PWU historical victory was the result of unprecedented sacrifice of the PPP leaders. “Pakistan Peoples Party will oppose the privatisation agenda in the senate and in the national assembly, besides protest on the streets”, he added.

Meanwhile Sindh Chief Minister Syed Qaim Ali Shah has congratulated the PWU over its historical victory in the referendum and said that PSM was the gift of Shaheed Zulfiqar Ali Bhutto to the people of Pakistan. Moreover, Waqar Mehdi, Special Media Advisor to Chief Minister also greeted the victory of PWU.

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