(Karachi) Federal Minister for Industries Hammad Azhar has said that Pakistan Steel Mill (PSM) has become a "huge" burden on tax payer.

Addressing a press briefing in Islamabad on Thursday, he said that the PSM has not been operating for the last five years. He maintained that the government has decided to privatize Pakistan Steel Mills in order to revive and steer it out of losses.

Azhar said fifteen parties have shown their interest in Pakistan Steel Mills. "Only the core Steel Mills operation will be privatized and not the other land of the entity," the minister mentioned.

He said that the employees of Pakistan Steel Mills will be relieved in two phases with payment of their retirement dues and one month salary.

Each employee will get approximately Rs0.23 million, he highlighted. The minister mentioned that earlier a package worth billions of rupees was allocated to rescue PSM from financial crisis while Rs700 million are being paid monthly to pay its debt. "The loan of the PSM has exceeded Rs230 billion."

He said that the steel mill was closed during the PML-N government.