Asad Umar chairs ECC meeting, to decide future of Pakistan Steel

ISLAMABAD: A special meeting of Economic Coordination Committee (ECC) of the Cabinet has been underway here with Finance Minister Asad Umar in chair, ARY News reported on Monday.

The ECC meeting will discuss the overall state of the national economy.

According to the sources, the meeting will likely to take a decision with regard to the future of Pakistan Steel.

A report regarding revival of Pakistan Steel Mills will be presented in the ongoing ECC meeting, sources said.

It is pertinent to mention here that Pakistan Steel, the country’s largest industrial complex is dysfunctional since June 2015.

Under the revival plan, the capacity of the PSM would increase to 3 million tons per annum from existing capacity of 1 million tons per annum. The Mill, which remained closed for almost four years, is requiring a heavy investment to make it functional.

Earlier, the ECC had given two months to the Ministry of Industries and Production, in November last year to submit a revival plan for the mills. A group of experts, constituted by the federal government, had sought three more months before it could give an opinion over the matter.

According to sources the experts group has now completed its work and has submitted its report to the ECC for consideration in this meeting.

The ECC meeting will also review the matters related to the energy sector.

According to sources, the financial issues of the energy sector will be reviewed prior to the month of Ramazan, which will start in the first week of May.