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Home » Karachi

No roadmap as yet to rerun Pakistan Steel Mills

November 13, 2017

Karachi: The government still does not have any roadmap to rerun the largest State-run industrial complex of the country, Pakistan Steel Mills Karachi; resultantly, huge losses of billions of rupees are being regularly incurred by the government, which is a sheer loss of taxpayers; money.

The systematic destruction of the Pakistan Steel Mills Karachi is considered as the biggest industrial scandal in Pakistan and successive administrations are said to be involved in it. The closure of the Pakistan Steel Mills Karachi serve the foreign tailored agenda of privatization in Pakistan on one hand and it also provides a windfall for smaller privately owned iron and steel making units on the other. However, the main suffer is the state of Pakistan and its citizens whose precious asset is being deliberately wasted.

Criminal overstaffing and financial bungling of massive scale are responsible for the destruction of the Pakistan Steel Mills. Some quarters had suggested linking the revival of this institution to the China Pakistan Economic Corridor (CPEC) projects but no progress could be achieved in this regard. Some quarters are suggesting that the Pakistan Steel Mills Karachi should be handed to the Karachi Chamber of Commerce and Industry (KCCI) and a consortium of banks and financial institutions for a period of 50 years. It is also being suggested to hand the institutions to the army or rangers, as in past this institution was run profitably under the supervision of the military officers.

However, presently some 12000 employees of the Pakistan Steel Mills are waiting for their pending salaries of last five months. It is said that a summary to pay them salaries of two months waits signature of the Prime Minister.

To end heavy burden of salaries of Pakistan Steel Mills employees who do nothing due to practically closure of the mills it is direly needed to rerun this precious national asset and make it profitable and sustainable again.

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