Prime Minister Imran Khan Monday directed the Ministry of Trade and Commerce to accelerate the efforts for revival of the Pakistan Steel Mill (PSM), reiterating his government's priority to restore and recover the entity from the losses.
Chairing a meeting to review the progress on the revival of the PSM, the prime minister said that the destruction of a profit-making entity was the manifestation of the maladministration and negligence on part of the previous governments. Advisor on Commerce Abdul Razak Dawood, Finance Advisor Abdul Hafeez Sheikh, secretary trade and commerce, secretary privatization and other senior officers attended the meeting. The prime minister was apprised on the existing condition of the mill, losses inflicted by its closure and progress on the implementation of the decisions taken by the incumbent government for the mill's revival. It was informed that PSM had been earning profit till 2008 and went into losses in 2009 before being closed in 2015. The entity was constantly making loss and the government had to bear Rs 370 million a month for the payment of employees' salaries. It was told that around Rs 217 billion were payable by the PSM.