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Pakistan PM Gives Directive for PSM Revival

Steel News - Published on Wed, 07 Aug 2019

Image Source: Gulf News
The Express Tribune reported that Pakistan’s Prime Minister Imran Khan has directed the Ministry of Trade and Commerce to accelerate efforts for the revival of Pakistan Steel Mills, reiterating the government’s priority to turn the industrial giant into profit. Chairing a meeting to review the progress on efforts to revive PSM, the prime minister said destruction of the profit-making enterprise was the manifestation of maladministration and negligence on the part of previous governments.

The PM was apprised of the existing condition of the mill, losses caused by its closure and progress on implementation of the decisions taken by the government.

PSM had been earning profit till 2008 and went into losses in 2009 before being closed in 2015, it was informed. The mill was constantly suffering loss and the government had to bear a cost of PKR 370 million per month for the payment of employees’ salaries. It was told that around PKR 217 billion was payable by the mill.

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Posted By : Ratan Singh on Wed, 07 Aug 2019
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