Govt vows to privatise Pakistan Steel Mills by June 30

ISLAMABAD-The federal government on Wednesday said that it would privatise the Pakistan Steel Mills by June 30 this year by giving core operating assets of the PSM to the private sector. 

The Cabinet Committee of the Privatisation (CCoP) had already approved the sale of PSM core operating assets to the private sector. The sale of PSM’s core operation assets would be completed by June this year, the officials of the Ministry of Industries and Production informed the parliamentary committee. Meeting of Standing Committee on Industries and Production of the National Assembly was held under the chairmanship of Sajid Hussain Turi, MNA.

Joint Secretary, Ministry of Industries & Production, briefed the Committee about sacked employees and retrenchment plan of Pakistan Steel Mills (PSM). He said that despite zero production and zero income from productive activities at the Mill, since its closure, no staff rationalization plan was initiated. The successive governments have continued to pay the salaries and retirement benefits of the non-productive workforce of the Mill. Government of Pakistan has been releasing net monthly salary to PSM employees that amounts to approximately Rs. 36 billion from June 2013. He further added that incumbent government has earmarked Rs. 4 billion for salaries of present employees for the CFY; 2020-21. He also informed that paying salaries to employees especially during “No Work” for more than 5 years is well beyond the established norm and caused the national exchequer heavily loss over the years.