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PSM Losses Surpassed Rs 192b Mark, Senate Committee Revealed

Islamabad: Senate’s standing committee on industries and production has revealed that losses of Pakistan Steel Mills (PSM) have surpassed Rs 192 billion.

Senate Standing Committee for Industries and Production meeting was held in its Chairman Senator Ahmed Khan.

Chief financial officer of PSM revealed that the PSM has been closed for three years which was closed in March 2015.

He further informed that no one shows interest to buy the mills due to huge debts while there is no CEO deputed the PSM since two and a half years.

Chairman Committee expressing anger over the deteriorating situation of the PSM said that closing blast furnace, bank loans and gas bill resulted into loses.

The chairman instructed the sub-committee to visit the PSM in presidency of Senator Noman Wazir.

Whereas, planning commission officials apprised the committee that industrial zones of CPEC are delayed. As many as 9 zones had to be started from the commencement of  2019 while the zones even could not enter into the feasibility phase.

The officials also said that industrial zones preparations are not being conducted in a right manner in Baluchistan, Fata, AJK while groundbreaking of industrial zones in Islamabad, Sindh, KP,  will be held in few months. The committee members said that property prices are very high in these industrial zones.

In this regard, chairman committee said that the allocated area for the zones if being changed could bring properties prices lower.

The committee formed the sub-committee in the chair of Senator Muhammad Ali Saif to review changes in industrial zones location for up to 10 to 25-kilometres.