September 25, 2020

Restoring PSM Is The Top Priority Of The Government: PM

PM on Monday directed the concerning authorities to step up efforts to improve the biggest steel mill of the country, the Pakistan Steel Mills (PSM). He said that improving the condition of the PSM is one of the major priorities of the government.

The PM was briefed about the PSM and was informed that the mill was a profitable enterprise of the state in the year 2008 and it started going into losses after 2009 and shut down completely in the year 2015 and now the PSM has an annual loss of Rs217 billion. The PM said that PSM being profitable in 2008 and then becoming a loss bearing enterprise shows the incompetence of the previous governments. He added that the government was spending Rs370 million/month to pay the salaries of the employees.

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