The federal government has decided to indefinitely down the state-owned Pakistan Steel Mills (PSM) after failing to privatize it.
In a statement, the Secretary Industries & Production stated that the Sindh government is interested in establishing its own steel mill and has provided around 700 acres of land for that purpose.
According to PSM’s Chief Financial Officer, the Mill’s employees bear an annual financial burden of Rs. 3.1 billion. He stated that over the previous 10 years, Rs. 32 billion had been spent in staff wages. Furthermore, gas worth Rs. 7 billion has been utilized in the recent decade, he stated.
He pointed out that hundreds of political appointments at PSM, along with the decision to regularize temporary staff, led to PSM’s insolvency.
The government also aims to lease 4000 acres of PSM land to establish a Special Economic Zone.
More to follow…
