ISLAMABAD: A group representing stakeholders of Pakistan Steel Mills (PSM) has urged the government to defer any decision on allocating the Mill’s land for the establishment of a special economic zone (SEZ), arguing that the future of the state-owned enterprise has yet to be determined through due diligence.
In a letter addressed to Federal Minister for Board of Investment Qaiser Ahmed Sheikh and Special Investment Facilitation Council (SIFC) Secretary Jameel Ahmed Qureshi, PSMC Stakeholders Group Convener Mumrez Khan expressed reservations over reports that PSM land had been designated for a special economic zone while proposals for the mill’s revival and liquidation were still under consideration.
The letter stated that different government institutions were pursuing separate proposals regarding PSM, including a “Sea to Steel” initiative by the Ministry of Maritime Affairs, a revival plan by the Ministry of Industries and Production, and a proposal approved by the Ministry of Finance’s austerity committee relating to the liquidation of PSM and the use of its land for an SEZ.
The stakeholders argued that these parallel initiatives reflected a lack of coordination among government departments and urged authorities to first decide whether the Mill would be revived or liquidated before making any decision regarding its land.
The letter also referred to previous representations submitted by the stakeholders and the labour union, stating that concerns regarding governance, employees’ issues and the future of the organisation had not received a response.
It further questioned the status of PSM’s management, claiming that key positions, including chief executive officer, chief financial officer and internal auditor, had remained vacant for an extended period.
The stakeholders also called for reconciliation of financial accounts, verification of inventories and land records, and an assessment of the company’s subsidiaries before any policy decision concerning PSM assets is finalised.
The group urged the government to appoint professional management, reconstitute the board of directors and engage a techno-commercial consultant, maintaining that decisions taken without adequate due diligence could result in further financial losses.
Published in Dawn, July 10th, 2026