Pakistan Steel Mills (PSM) losses are projected to reach Rs. 600 billion, as reported in a meeting of the National Assembly Standing Committee on Industries and Production. This figure includes Rs. 224 billion in direct losses and a payment burden of Rs. 335 billion.
The committee learned that PSM has occupied 305 acres of land and owes Rs. 258 billion to the federal government and the National Bank of Pakistan. Theft remains a persistent issue at the facility.
Read more: Federal Govt Opts to Close Pakistan Steel Mills
Plans are underway to convert around 5,000 acres of PSM land into Special Economic Zones (SEZs), with interest from foreign companies, including those from Russia. The workforce at PSM has been significantly reduced from 9,000 to 2,000 employees.
To address these issues, the committee has formed a sub-committee to investigate the problems facing the steel manufacturer.
