Karachi—Chairman, Pakistan Steel Mills, Mueen Aftab Sheikh highlighted the corrective measures taken to improve sales/liquidity position of his organisation. In a press conference held at PSM Head Office here, the Mills Chairman said the import substitution policy was adopted to trade off expensive imported iron ore (US $ 175/MT) against local purchase of 30,000 MT of iron ore at a price of dollars 70-80/MT in just 3 months. Pak Steel also initiated a project for making briquettes of coke dust 0-15 mm. Around 40,000 tonnes of coke dust was wasted every year. The coke briquette made from this dust would be worth (40,000 x $ 500/MT= dollars 20 million/ annum as savings.

With slowdown of production from 90% to 75% we are saving in gas, electricity, and raw material cost at the same time we are doing maintenance/ repair of plant which was long awaited, Aftab Mueen said. The PSM has also started using local Sharrigh Coking Coal to the tune of 5% in the plant. The price difference between local and imported coal in US$ 125 and US$ 400/MT respectively. To cut down the surplus contents PSM is also procuring a desulfurisation plant to use more local coal as substitute of expensive imported coal.

The Mills intend to approach FBR for imposition of Regulatory/ Anti-dumping duty because : (i) EU has imposed 85% duty on import of steel products from China (ii) USA has imposed 153% dumping duty on Indian Steel products (iii) India has imposed 30% duty on import of steel products. He also explained the causes behind Pakistan Steel’s state of depression. Mueen Aftab Sheikh attributed the low sale of the Mill to the country’s overall economic slowdown— downward trend of iron and steel products in international market as well as local market.—APP