KARACHI: The Pakistan Steel Mills (PSM) is facing a monthly loss of Rs2 billion due to zero production on account of low gas pressure, spokesperson Abdul Hafiz Shah said on Tuesday.
The employees have not been paid three months salaries since August, the spokesperson said.
The mill cumulative losses, including debts and liabilities, reached Rs159bn till June 30, 2015.
The mill has sought Rs9.3bn from the government for purchasing raw material, clearing outstanding salaries/utility bills and to prevent coke oven batteries and blast furnace, the spokesperson added.
Published in Dawn, November 25th, 2015
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Comments (13) Closed
Shaukat Ali Khan
Nov 25, 2015 09:51am
Credit goes to PPP and MQM for extra burden of political employees.
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PHILOSOPHER (from Japan)
Nov 25, 2015 10:14am
@Shaukat Ali Khan no credit goes to PML-N who is intentionally deteriorating PSM to buy it at cheapest cost. How PSM is running down while Ittefaq Foundry is generating profits over the year? if IK becomes PM of this country and he couldn't create a good cricket team (being a professional cricketer) than something is wrong. By the same token, PM is expert in steel business so how come PSM is going down with every passing day? A big question mark for all.
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Ahmed USA
Nov 25, 2015 10:17am
... and this bleeding will surprisingly stop after PSM sold at a throw away price...
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Hamid shafiq
Nov 25, 2015 10:21am
sale the white elephant and clear all the salaries and dues of employs for ever
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Fazal Karim
Nov 25, 2015 10:37am
In the present advance age of technology there is no pride in running a steel Mill. We should privatize mill before Blast Furnace is dead and as soon as possible in a transparent way.
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Revenge
Nov 25, 2015 11:30am
PAK industries are poor at doing business, always depends on others.
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Kamal Pasha
Nov 25, 2015 11:58am
PSM is a White Elephant.
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Najia Omar Jafri
Nov 25, 2015 12:08pm
PSM is another bleeding wound inflicted by the bad governance of PPP government in the past.
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umer
Nov 25, 2015 12:18pm
Successive governments have been preparing state owned organizations for privatization, by rendering them useless, defunding them. Neo-Liberalism follows same pattern all over the world. Privatization and deregulation only hurts the public, GDP growth is a sham, says nothing about the division of wealth. Neo-Liberalism helps accumulation of wealth in few hands. Majority of Pakistanis are very poor. The established goal of successive governments to increase the GDP is at the cost of common people. Money never trickles down, it's not good for public, it's a shame there is no opposition to this crime, public organizations are public property no single government has the right to destroy these organizations. PTCL fired most of its employees after privatization. There are plenty examples where public owned as well as public run organization provide excellent services while being self sustained as well as paying the government in taxes. Liberalization of indian economy is disaster for masses
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PHILOSOPHER (from Japan)
Nov 25, 2015 12:41pm
@Shaukat Ali Khan no credit goes to PMLN who made the PSM a white elephant. Can't they just control the PSM affairs like their own businesses?
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khara aur karwa such
Nov 26, 2015 12:51am
@Kamal Pasha
And what about PM?
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khara aur karwa such
Nov 26, 2015 07:48am
PSM continues to mislead the public by dishing out selective figures. It is well known that as on 30-6-2015, PSM liabilities were Rs. 159 billion and accumulated losses were Rs. 143 billion. Last week, in a popular TV programme, Mr. Zubair Ahmed, Chairman Privatization Commission, had admitted that the total liabilities and accumulated losses of PSM were Rs. 302 billion. The programme presenter, however, insisted that as on 31-10-2015, the total figure on these two accounts was Rs. 350 billion.
What does PSM management want to achieve by distorting the key financial figures is any body's guess. It is a basket case any way, whether the figures are Rs. 305 billion or Rs. 350 billion.
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Shaukat Ali Khan
Nov 26, 2015 05:19pm
@PHILOSOPHER (from Japan)
Sorry Sir; that requires firing extra manpower for which no political party has the courage.
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