Islamabad: The government’s decision to withdraw steel mills from the process of privatization, in the meeting of the Senate Standing Committee on Industry and Production, it has been revealed that 3 billion rupees are spent annually on the closed steel mills.
Senate Standing Committee on Industry and Production Meeting, chaired by Senator Khaleda Ateeb, Secretary Privatization Division briefed the Standing committee that Pakistan Steel Mills could not find any buyer, the government decided to restore steel mills.
The steel mill officials told the Standing Committee that 30 billion rupees are being spent annually on the closed steel mills, the steel mills have taken a loan of 110 billion from the government, and 18 billion are being paid annually to the government as interest, in the last financial year. the losses of the steel mills were 206 billion rupees, 584 million dollars are required for the restoration of the steel mills, the officials of the steel mills told the Standing committee that the equipment worth 1.28 million of closed steel mills was stolen in 2 years. Senator Fida Muhammad walked out due to the absence of the Federal Minister and no satisfactory response from the Steel Mills authorities
