PM orders to speed up process for revival of Pakistan Steel Mills

Prime Minister orders to speed up process for revival of Pakistan Steel Mills (PSM). PM ordered Ministry of Trade and Commerce to revive the national institution.

PM said that a profitable institution was turned into a disastrous institution by mal-administration of previous governments.

To revive the institution back to a profitable one is government’s top priority now, PM added.

PM chaired a meeting to oversee the progress to revive PSM. Advisor trade Abdur Razzaq Dawood, Advisor finance Abdul Hafeez Shaikh, Secretary trade and commerce, secretary privatization commission and other officials were present at the meeting.

PM was briefed about the incurring losses due to closure of PSM and government’s current steps to revive the national institution.

PSM was profitable institution till 2008 and in 2009 it started incurring losses. In 2015 PSM was fully closed due to heavy losses to national exchequer.

National exchequer was incurred losses of Rs370 million in wages of employees every month while PSM remained at loss.

PM was also told that PSM is indebted Rs217bn till now.