The Senate Standing Committee on Industries and Production on Wednesday communicated alarm over the administration’s treatment of the Pakistan Steel Mills (PSM) and requested that issues faced by resigned workers ought to be settled on an immediate basis.
The committee, chaired by Senator Ahmad Khan, said thatPSM was the profitable mill in the country, it was the source of bread and butter for the thousands of families and also the playing a significant role in the economic development.
Muhammad Hamad Azhar, Industries Minister mentioned that the mill was shut down in 2015 by the last government.
The minister said that a part of PSM land were being given on lease. He further said that the industry needs a serious attention for bringing it in a money-spinning sector.
The minister presented the Govt.’s policy regarding PSM that it would run in a joint effort with private enterprises, including that it has not been privatized and there will be bidding for joint venture till the end of the year.
Azhar additionally said he has composed letters to 12 worldwide organizations of which six have just visited the steel plants.
He told the council that in 2008, PSM had a store of Rs10 billion, however the circumstance started to fall apart not long after as the deals dropped because of low steel costs.
Azhar also criticized the actions of previous governments as around 4,500 workers were made permanent in 2010 regardless of a running shortfall. While the normal creation of PSM in 2010 dropped to around 40 percent and later it was just 6pc and the plants were shut down by the last government in 2015.
