Pakistan Steel Mills, once recognized as one of the most profitable national asset, but unfortunately during 2008-2013, the organization is found to be almost bankrupt, dysfunctional, non-profitable entity. It was the time, when even the organization could not be able to pay the salaries of the staff due to lackluster and ill federal government policies. Due to the urgency of the matter, I immediately conducted an emergency meeting with the then Interim Prime Minister Mir Hazar Khan Khoso, and propose a comprehensive bailout package of 16 Billion Rupees to take out this sinking ship from crisis. The Prime Minister in principal agreed and gave approval for the proposal. Moreover, being Minister in-charge I had also proposed that Rs5 billion owed as interest on loans payable to the National Bank be waived in order to keep PSM financially stable. The actions immediately raise the market credibility of the national institution and put the organization back on track of profitability, which has never done in the recent past during five long years.
