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PM Directs Industry Ministry To Speed Up Efforts For Restoration Of PSM

ISLAMABAD: Prime Minister Imran Khan on Monday directed the Ministry of Trade and Industry to speed up efforts regarding restoring Pakistan Steel Mills (PSM) to its earlier position.

PM Imran Khan presided a review meeting regarding progress on the restoration of the PSM wherein adviser on trade Abdul Razzaq Dawood, adviser finance, Dr. Abdul Hafeez Shiekh, secretary industries and production, secretary privatization and other officers attended.

The PM was given a detailed briefing on the present situation of the PSM, losses incurred after its closure, progress made so far on decisions taken by the current government for the restoration of the PSM.

The briefing informed the premier that until 2008 the PSM was a profitable entity while losses started in the PSM from 2009 and it was shut down in the year 2015. The PSM has been continuously facing a deficit while the government has been spending a sum of Rs 370 million monthly just on salaries of the employees of the PSM.

The PM was informed that the arrears of the PSM have reached a huge amount of Rs 2017 billion.

Talking at the occasion, the premier said that saving the PSM from losses and its restoration is the first priority of the government adding that it is a clear precedent of loss of a profitable entity by the negligence and mismanagement of the previous governments.

The PM instructed the ministry of trade and industry to speed up efforts for the restoration of the PSM.