Pakistan Steel Mills Corporation (PSMC) Stakeholders Group has urged the Federal Minister for Industries and Production to urge the government to revitalize PSMC. In a letter to Federal Minister for Industries and Production Rana Tanveer Hussain, the group said that steel mills can give a new direction to the country's economic endeavors and find solutions to the country's problems.
PSM was described as an organization whose performance is never audited by those who manage it. This had negative economic and cost implications for PSM.
PSM's accumulated losses and debt obligations to be paid were emphasized. It was also emphasized that PSM continues to bleed financially on a daily basis and that the current management is not professional.
The PSMC Stakeholder Group expressed its readiness to assist the government in revitalizing PSM and financial improvements. For this, it said, it is necessary to visit the PSM and meet with all stakeholders.
The letter also expressed displeasure over the establishment of an Export Processing Zone or Special Economic Zone on PSM's land. It was stated that such zones could lead to further financial disasters and that it is not possible to change the PSM from its current location.
Finally, it was emphasized that the revitalization of the PSM would allow for the solution of the problems faced by the engineering industries and the construction sector and the supply of jobs to the local sector. The revival of PSM in the public sector would provide a level playing field for all players in the steel market and help to eliminate the private sector monopoly.
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