The PSM stakeholders have requested the present Pakistan Tehreek-e-Insaf (PTI) government for reviving the mill. They asked the government to hire a professional management team for reviving the mill which has been shut for more than three years.
Pakistan Steel Mills (PSM) is said to be experiencing the financial losses of Rs5 million per hour and in a letter that was sent to the Prime Minister—Imran Khan the stakeholder’s group comprising of the PSM employees, pensioners, contractors and dealers accused the previous government’s administration of showing negligence to the matter of the mill which led to its closure in June 2015, as reported by Dawn.
The stakeholders have put forward a claim of seventy billion rupees on the mill and have offered to turn around the PSM by saving its existing plant and by enhancing its capacity by three times to 3 million tons for ending the incurred losses, reducing the foreign exchange and for assisting the local industry and economy.
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Additionally, it mentioned that they had submitted a “workable proposal” between September 2017 and August 2018 which had not been entertained by the federal government.
It asked for transparent accountability and process, for the hiring of a professional management besides the injection of funds required for the revival of the mill.
As per the letter, the present state of PSM was because of the unchecked corruption, over-employment, inefficiencies, lukewarm behaviour of the government towards its revival.
The stakeholders said that the total debt and liabilities of PSM had increased to four hundred and sixty-five billion rupees at the end of the month of August 2018 and a performance audit was needed.
They also said that no management structure presently existed at the PSM and the posts of its CEO, 24-general managers and 8-Directors were lying vacant.