Khawaja Asif says closing Pakistan Steel Mills in 1991 could have saved billions
- By Sheeraz Soomro -
- Jun 19, 2026
Defence Minister Khawaja Asif has said that if Pakistan Steel Mills had been shut down in 1991, the country could have avoided losses amounting to hundreds of billions of rupees.
Speaking on the issue of state-owned enterprises on ARY News programme Khabar, Khawaja Asif remarked delay in privatisation of state-owned entities cost billions to the national exchequer. Referring to Pakistan International Airlines (PIA), he said that delays in its privatisation since 2016 had added an extra burden of Rs600 billion, funds which could otherwise have been invested in development projects.
Khawaja Asif acknowledged that national priorities had not always been aligned with the country’s actual needs. He noted that Prime Minister Shehbaz Sharif is actively pushing forward the privatisation agenda and revealed that GEPCO, FESCO and LESCO are expected to be brought to the market for privatisation within the next three months.
“اسٹیل مل 1991 میں بند کردی جاتی تو ہزاروں ارب روپے کا نقصان نہ ہوتا،” وزیر دفاع خواجہ آصف #ARYNews #Khabar pic.twitter.com/UX86xAEPF0
— ARY NEWS (@ARYNEWSOFFICIAL) June 18, 2026
He added that if government losses had been reduced in a timely manner, sufficient resources would have been available to complete key water infrastructure projects.
Read more: Pakistan Steel Mills hit by massive organized theft scandal
Highlighting the history of economic reforms in Pakistan, Khawaja Asif said that former Prime Minister Nawaz Sharif initiated the privatisation process and that several banks currently earning billions in profits were introduced to the market during his tenure.
He further stated that most of the privatisation carried out in Pakistan took place during the governments of Nawaz Sharif and Benazir Bhutto.
Commenting on governance issues, he said that, technically, no bureaucrat should serve on more than five boards. However, he claimed that one bureaucrat had been a member of 11 boards and may still be serving as a secretary.