KARACHI (PID-PR): Tasneem Ahmed Qureshi, Special Assistant to the Prime Minister on Industries and Production, Government of Pakistan visited Pakistan Steel Mills Karachi and inquired about the present condition of the mills on December 8, 2022. Imtiaz Safdar Warraich was also present at the meeting as a Special Observer.
CEO of Pakistan Steel Mills (PSM) Saifuddin Junejo, Corporate Secretary, PSM M. Shafiq Anjam and other officials briefed that the 124 billion rupees are payable to employees. A total of 30 billion rupees is needed to pay for loans, liabilities, deposits, expenses and different kinds of advances etc.
“2003-4 PSM was on 20% profit but in 2008-9 it suffered a 26 billion rupees loss due to an international recession and a host of other factors “. A PSM official added.
They further said “The Ballout package of 20 billion rupees were very important to run the PSM in 2008-9 but could not received certain amount, now mills is closed from 2015”
The privatisation is planned to privatize certain sections of the PSM, Four Chinese companies have been short listed but the issue is a huge amount of liabilities.
The ECC cabinet approved 19.6 billion for payment of retirement dues. 49.9 % of the workmen have already been retrenched.
Answering a question about theft in Pakistan Steel Mills (PSM), an official replied that one official had been dismissed from service.
