PSM board reshaped

In the first phase of the Pakistan government’s plans for restructuring the public sector enterprises, the government has reconstituted the board of directors of Pakistan Steel and the first CEO of the organization has been appointed. The move has been initiated to make PSM a viable profit making entity. An official of the Ministry of Industries and Production said that the new chairman of Pakistan Steel would be elected in the first meeting of the board which is expected by mid-March. However, till such time, Mr MM Usmani would continue to hold the post. Under the restructuring policy, the CEO and the managing director of the PSM would be responsible for operational matters and maintaining accounts of the mills on the positive side. However, the managing director would be accountable to the board and its chairman would oversee matters, devise policy and execute planning side with the consensus of the board. The Cabinet Secretariat recently appointed Mr Malik Asrar Hussain, a grade 21 officer, as CEO of the steel mills. He would exercise powers of MD.
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