Federal Government Decides to Shut Down Pakistan Steel Mills Due to Financial Losses
According to the SSGC spokesperson, the PSM in a letter to them informed about the decision of ECC regarding the suspension of gas bill payment
The spokesperson further said the SSGC also sought details about the PSM’s capacity to pay the bills in a letter but got no reply.
A letter was also penned to the power ministry on the issue, but no response.
The Federal Government Decides To Shut Down Pakistan Steel Mills
On July 3, the federal government decided to shut down Pakistan Steel Mills (PSM), a state-owned enterprise that has been incurring heavy losses for years.
In a statement, the Secretary of Industry and Production said that the Sindh government has been offered to take over 700 acres of the total 19,000 acres of land of the PSM and establish its steel plant on the site.
Last year, the secretary claimed, they found out that there was no buyer for the Pakistan Steel Mills. “Apart from 700 acres, the land will be used for industrial purposes”, he added.
Meanwhile, Chief Financial Officer (CFO) Arif Sheikh claimed that the federal government has decided to close down PSM due to its poor performance and financial losses.
Mutib Khalid is a skilled content writer and digital marketer with a knack for crafting compelling narratives and optimizing digital strategies. Excel in creating engaging content that drives results and enhances online presence. Passionate about blending creativity with data-driven approaches, Mutib Khalid helps brands connect with their audience and achieve their goals.
