PM Imran directs to speed up efforts for reviving Pakistan Steel Mill

ISLAMABAD: Prime Minister Imran Khan on Monday directed the Ministry of Trade and Commerce to accelerate the efforts for revival of the Pakistan Steel Mill (PSM), ARY News reported.

Chairing a meeting to review the progress on the revival of the PSM, the prime minister said that the destruction of a profit-making entity was the manifestation of the maladministration and negligence of the previous governments.

PM Khan reiterated his government’s priority to restore and recover the entity from the losses.

The Prime Minister was apprised that Pakistan Steel Mills was a profit-making organization by 2008, but it started suffering losses in 2009, and it was completely closed in June 2015.

The meeting was told that the organization continuously remained in loss, and the government is bearing 370 million rupees monthly expenditures under salaries of the employees, and so far, Steel Mills has an outstanding amount of 217 billion rupees.

Earlier in June, Abdul Razak Dawood said that Russian, Korean and Chinese companies have shown interest in investing Pakistan Steel Mills (PSM).

While briefing Senate Standing Committee on Production and Industries, he said that machinery of Pakistan Steel Mills (PSM) has become old and needs a huge amount of money for its functioning.