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ISLAMABAD: Pakistan Steel Mills (PSM) Stakeholders Group has sought appointment from Ministry of Industries and Production (MoI&P) to discuss issues of the entity.

In a letter to Additional Secretary Incharge, MoI&P, Asad Rehman Gilani, Convener of Stakeholders Group, Mumrez Khan has explained the circumstances which led to destruction and closure of the mill. He also submitted some proposals to revive the mill as a profitable entity of Government of Pakistan.

“We appeal for sanity in deciding the future of PSM for provision of input materials to engineering industries and construction sector, at competitive prices by partially utilizing local raw materials, trained Human Resource and funding, activating its paralyzed muscles, “he said.

PSM to be privatised on G2G basis

Mumrez Khan argued that PSM can be revived without privatisation subject to Government/SIFC play their responsible lawful role keeping in view “PSM Key Performance Indicators” (KPI) audited from 1982 to 2023. Stakeholders Group has submitted following proposals: (i) reconstitution of an accountable, knowledgeable Board of Directors who must know the functions of integrated steel plant;(ii) appointment of professional Management, capable to motivate the workforce, having techno-commercial knowledge/experience about integrated steel plant, restore the confidence of business community and attract to investors; (iii) return of PSM land already with Sindh Government, encroached by land grabbers, allotted to NIP, concessionary leased to M/s Al-Tuwairqi Steel, sold below price to Aaisha Steel and others;(iv) reconciliation of PSM accounts with all the creditors/debtors for provision of authentic data for settlement of payable debts liabilities; and (v) review of all concessionary and incentivized trade policies formulated by Ministry of Commerce; tariff rationalization would increase FBR revenue and help in provision of level playing field to all players in steel market.

Mumrez Khan has requested the MoI&P to allocate time for a meeting with Industries Group established by the SIFC which will formulate proposals for the future of PSM.

Stakeholders’ Group has also requested for initiation of investigation and accountability in PSM that would save the taxpayer’s money being wasted on unnecessary litigation in courts of law by their predecessors (2008 to 2023).

Copyright Business Recorder, 2023


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Rana Oct 26, 2023 12:04pm
Privatisation only solution Restructuring is way to make their personal position as chairman and kick backs. This is vested interest He make same poison in new sweet In Australia huge mining industry but no Govt control Privatisation benefits No public money to spent on losses Taxes Revenue Private sector make quick decisions
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Mubashir Munir Oct 27, 2023 03:55pm
In Pakistan the government is sleeping no body is giving it to a Chinese or Russian company on minimum prices and ask them to make investment and make it operational at least we shall not waste more on the workers who did not work and get salary for sleeping ,Pakistan is the most corrupt nation on earth including its executives who are paid highly for not working while it's common people are suffering all sorts of miseries , please fear Allah we are all answerable to on the day of Judgement
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