Pakistan Steel Mills terminates 562 daily wage workers

KARACHI: Pakistan Steel Mills terminated 562 daily wage workers on Wednesday, citing the contract end, ARY News reported.

According to a notification issued by In charge Manager A&P, all daily wage employees of Pakistan Steel Mills have been terminated from their jobs.

The employees have been laid off after end of their contract and they will not be re-hired by the PSM, the notification stated.

In December 2023, the-then caretaker government removed the Pakistan Steel Mills from its privatization list of the state-owned entities.

Finance Minister Muhammad Aurangzeb, during his address at the launch of the Economic Survey 2023-24 in Islamabad on Tuesday, expressed a grim outlook regarding the revival prospects of the PSM. With an air of certainty, he asserted that there exists a bleak zero percent probability for the resuscitation of this once-thriving entity. Highlighting his point, Aurangzeb boldly proclaimed that the only foreseeable fate for PSM is to be relegated to the realm of scrap.

These statements harkened back to a time when the notion of selling PSM for a mere Re1 gained considerable traction as a means to divest the government of its burdensome asset.

In a scathing critique, Aurangzeb lambasted the prevailing policies governing the supply of natural gas to the now-defunct PSM, deeming them utterly inadequate.