Tasneem Ahmed Qureshi, the special adviser to the prime minister on industry and production, has stated that steps will be taken to reactivate the dormant Pakistan Steel Mills (PSM) within the next six months. The Special Assistant told a news conference on Thursday that the PSM’s national assets were being used to run it after receiving an update on its performance from concerned officers at Pakistan Industrial Development Corporation (PIDC). We’ll do everything we can.
According to Tasneem Ahmad Qureshi, the Ministry of Industry will present the Prime Minister with its suggestions for managing the PSM. Additionally, steps will be taken to boost exports. All stakeholders must work together to overcome the nation’s economic challenges.
According to the Special Assistant, the government is consulting stakeholders to resurrect the nation’s industries. To a query, he responded that the energy crisis Restoring the Iran-Pakistan gas pipeline is the best solution for one of the biggest problems the nation is currently facing.
Tasneem Ahmad Qureshi and Imtiaz Safdar Waraich had previously visited Pakistan Steel Mills Karachi to learn about the mills’ current state of affairs. Employees at Pakistan Steel Mills are owed 124 billion rupees, according to the CEO of the company, Saifuddin Junejo, the corporate secretary, M. Shafiq Anjum, and other officials present at the meeting.
The total amount needed for loans, dues, deposits, expenses, and other payments is Rs 30 billion. Although Pakistan Steel Mills was 20% profitable in 2003–2004, the global economic downturn and other factors caused it to lose Rs 26 billion in 2008–2009.
Four Chinese companies have been shortlisted for the privatisation of some PSM components, according to the briefing, but there are significant liabilities. The Cabinet’s Economic Coordination Committee (ECC) has approved spending Rs 19.6 billion to pay retirement obligations. In the mills, 49.9% of the workforce has already lost their jobs.
