Government Announces Permanent Closure of Pakistan Steel Mills
The federal government has decided to permanently close Pakistan Steel Mills (PSM) after failing to privatize it.
The Secretary of Industries & Production said that the Sindh government wants to build its own steel mill and has been offered about 700 acres of land for this purpose.
The Chief Financial Officer of PSM reported that the mill’s employees cost Rs. 3.1 billion annually. Over the last ten years, Rs. 32 billion has been spent on salaries, and Rs. 7 billion worth of gas has been used.
He also noted that political appointments and the regularization of temporary workers contributed to PSM’s financial problems.
The government plans to lease 4,000 acres of PSM’s land to create a Special Economic Zone.
