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ISLAMABAD: While welcoming the proposed visit of the Senate Standing Committee on the Ministry of Industries and Production (MOI&P) to Pakistan Steel Mills (PSM) on August 31, 2022 (tomorrow), the PSMC Stakeholders Group has sought permission to become part of the meeting.

In a letter to the Chairperson of Standing Committee, Khalida Ateeb, PSMC’s convener Mumrez Khan has requested that a seven-member delegation of Stakeholders Group intends to join/ attend the meeting for apprising “plights of stakeholders (employees, dealers, suppliers & contractors)”.

“We have a workable/ bankable plan for PSM revival to be compared with MoI&P/ Privatisation Commission/ Government flawed and non-transparent roadmap adopted by PTI government from 2018-19, for ‘PSM revival’ and status quo continued by the present PDM government is leading to further financial disaster.”

Keeping in view the deliberate destruction of profit earning organization from 2005 to 2022 to benefit the private sector’s few companies, the PSM losses coupled with increase in payable debts reached over Rs650 billion, whereas, if loss to revenue and additional steel import bill due to closure of PSM public exchequer were considered the looses were in billions of dollars, he said.

However, persons at fault involved in non-transparent privatization process remained unaccountable despite our complaints, he said.

Copyright Business Recorder, 2022

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