ISLAMABAD: The Senate Standing Committee on Industries and Production is set to begin a two-day session in Karachi from Aug 1, during which it is expected to hear the Pakistan Steel Mills Company (PSMC) Stakeholders’ Group. The group aims to present a fact-based briefing on the troubled state-owned enterprise’s affairs.

In a letter addressed to Committee Chairman Senator Aon Abbas, the group expressed its intention to provide a realistic account of PSM’s deterioration and emphasised the need to avoid repeating the costly errors made during past privatisation and revival attempts.

The stakeholders criticised previous presentations by the Ministry of Industries and Production and PSM management as “stereotyped and potentially misleading,” arguing that such narratives contributed to flawed policy decisions and unchecked financial losses. Despite directives from the Supreme Court and suo motu actions, they noted, no meaningful accountability has been enforced to date.

According to the group, the appointment of non-technical CEOs and unqualified boards by the ministry between 2008 and 2025 led to cumulative losses exceeding Rs700 billion. Moreover, essential services in Steel Town and Gulshan-e-Hadeed remain severely disrupted due to PSM’s unpaid dues to SSGC, K-Electric, and KW&SB, causing prolonged hardship for residents.

While the ministry has signed a protocol with Russia for PSM’s revival, the group flagged the lack of a functional management structure and the depletion of technical expertise. Moving forward with consultant hiring in the absence of a professional team, they warned, could lead to another policy misstep.

Published in Dawn, July 31st, 2025

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