Pakistan Steel Mills lays off 1,350 employees to reduce financial strain

Pakistan Steel Mills (PSM) dismissed an additional 1,350 employees on Tuesday in an effort to ease its financial burden.

According to a PSM spokesperson, a list of the terminated employees was prepared, including workers from various departments such as drivers, firemen, and operators. Termination letters have been sent to the affected employees at their residences.

Previously, in April 2024, the Federal Ministry of Industry and Production formed an eight-member committee to oversee the revival of Pakistan Steel Mills.

Led by the Federal Secretary of Industry and Production, the committee includes the Additional Secretary of Industry and Production, a senior member of the Sindh Board of Revenue, the Joint Secretary of Finance, the CEO of PIDC, representatives from the Steel Mills Workers’ Union, and two independent board members, including the Director Technical and Corporate Secretary.

The committee was assigned the task of reviewing plans for shutting down PSM, auctioning its plants and machinery, and assessing potential avenues for revival in collaboration with the private sector.