News Update: – 26th December 2019, the government of Pakistan has pursued clarification from the Pakistan Steel Mills Stakeholders Group. As from over few offers made by it for the revival of the PSM which is closed since June 2015.
While, the group who wanted the proposal details includes employees, pensioners, suppliers, dealers and contractors of the PSM.
They have been asking the federal government and parliamentary panels for restoration of the mills and investigation into the causes of its losses, corruption, and closure.
They also claimed that more than RS 75 billion over the mills on various accounts, as the said that the problem is not related to PSM. But arise because of the people who have been running its affairs.
In a recent meeting with the Pakistan government, including the prime minister and interactions with the parliamentary panels. The PSM group has projected steps for the mills’ recovery, counting rationalization of steel imports to provide a level-playing field to all players. It would help revive the PSM and produce more than Rs100bn proceeds for the Federal Board of Revenue per annum.
Furthermore, the instructions given by the Senate Standing Committee on Industries and Production, the PSMSG has been approached by the corporate secretary of the mills. As they asked to provide details of its proposals on at least four major counts. The Senate committee had recently “directed the PSM chairman and the Finance Division to sit with PSMSG. While convener Mumrez Khan in relation to the revival plan of the Steel Mills and send recommendations”.
While they asked the group to come up with clarifications as to which steel products required rationalization of import tariffs. Also, provide details of its suggestion as to how Rs150bn financial recovery. Which could possibly from persons at fault through the initiation of a transparent accountability process.
In addition, the PSM business administrator has also requested the group to deliver follow-up details of its application to the performance audit of the management and board of directors of the PSM. Their employing establishment’s has argument that the national kitty had suffered losses of $11bn from 2006 to 2019 due to non-performance. The responsibility bureau and blunders of other agencies and top personalities of successive governments.
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