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KARACHI: Prime Minister Raja Parvez Ashraf on Friday underlined that Pakistan Steel Mills would not be privatised rather it would be made a profitable entity.

Addressing a ceremony at Pakistan Steel Mills, Prime Minister Raja Parvez Ashraf said that the present government was paying special affection for the organization and did not want to privatise it.

He announced a bailout package of about three billion rupees for Steel Mills and vowed to become it a profitable entity.

Announcing immediate release of two billion rupees to Pakistan Steel Mills‚ he assured that releases of the bailout package would be made on timely basis.

The Prime Minister said Shaheed Zulfikar Ali Bhutto who had laid the foundation of this important institution at a difficult time had declared it as a backbone of the economy.

He said besides Pakistan Steel Mills‚ there are several other institutions which were also running into losses and have become a burden on the national exchequer. He however assured that despite all financial crises‚ resources will be provided for revival of Pakistan Steel Mills.

Paying rich tributes to Shaheed Zulfikar Ali Bhutto‚ he said the credit of setting up basic infrastructure of these industries including heavy mechanical complex‚ electrical complex and Kamra complex goes to the vision of Shaheed leader.

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