Govt wants to increase capacity of Pak Steel to 5 million tons: Wattoo

[Naveed Yaseen]

ISLAMABAD: Minister for Industries and Production Mian Manzoor Ahmed Wattoo on Friday told the National Assembly that the government intends to increase production capacity of Pakistan Steel Mills from existing 1.1 million tons to five million tons.

Replying to a question, the minister told the house that the government has prepared an expansion plan for the steel mill and several steps are being taken in this regard as currently the unit is running into losses due to some reasons.

The industries minister said total area of land under the administration of Pakistan Steel Mills is at present 19,120 acres against 19,078 acres at the time of establishment and this increase came after the mill acquired its sales office in Lahore and Islamabad, and purchased a spinning mill.

Answering a question how it managed to purchase a big portion of land amid the losses, he said this investment was made during the time when the mill was earning profits.

Manzoor Wattoo said the government is keen to launch different industrial projects in the NWFP, FATA and South Waziristan without any discrimination.

“We have prepared a Malakand Development Plan under which projects related to PASDEC and gems will be initiated in the area to boost its economy,” he said while replying to a supplementary question from a parliamentarian from South Waziristan.

http://www.thenews.com.pk/daily_detail.asp?id=207128