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  • NA panel wants NAB to probe Pakistan Steel Mills shutdown

    ISLAMABAD: The Nat­ional Assembly’s Standing Committee on Industries and Production on Thursday recommended that the case related to the closure of Pakistan Steel Mills (PSM) because of unexplained suspension of gas supply to it and illegal withdrawal of salaries of retired employees be forwarded to the National Accountability Bureau (NAB) for investigation...

    “There are deliberate efforts to des­troy steel production in the country...

  • We will never sell Pakistan Steel Mills’ land: Murad

    KARACHI: The land of Pakistan Steel Mills (PSM) belongs to the people of Sindh and we would never sell it to settle the liabilities of the mill, Sindh Chief Minister Syed Murad Ali Shah said on Tuesday...

    ”Recalling that the provincial government had given land to the federal government for establishing a steel mill complex in 1970s, the chief minister said that the federal government, after failing to run the mill professionally, has...

  • PPP to resist sale of Pakistan Steel Mills land

    ISLAMABAD: Pakistan Peo­ples Party Senator Taj Haider on Friday said that he will resist the sale of Pakistan Steel Mills (PSM) land under the garb of clearing its liabilities...

    He blamed PM Abbasi for deliberately causing shutdown of steel mills...

  • Pakistan Steel Mills nears default, owes Rs35 billion to SSGC

    KARACHI: The Pakistan Steel Mills (PSM) has constantly been defaulting on its payments to the Sui Southern Gas Company (SSGC), said SSGC in a press statement released on Saturday...

    The spokesperson for SSGC commented that the Pakistan Steel Mills stood today at a staggering default of Rs35 billion, which has made it difficult for the gas utility to finance its programs of strategic nature, including pipeline augmentation projects...

  • Plan to lease out Pakistan Steel Mills for 45 years

    ISLAMABAD: As Pakistan Steel Mills (PSM) continues to pile up liabilities, the government is considering leasing the country’s largest industrial complex to a private concern for 45 years under a revenue sharing arrangement, and laying off almost 5,000 employees...

    Read: Pakistan Steel Mills financial woes continueA previous attempt to sell the PSM by then prime minister Shaukat Aziz to a Saudi-led consortium for Rs21...

  • Pakistan Steel Mills financial woes continue

    KARACHI: As the financial health of Pakistan Steel Mills (PSM) continues to deteriorate, the grievances of its serving and retired employees have increased manifold — with no respite in sight any time soon...

    The staff of Pakistan Steel Mills — which falls under the federal government — has been deprived of the yearly pay hike for the last many years owing to the precarious financial condition of the mill...

  • Chinese, Iranian companies interested in leasing Pakistan Steel Mills

    ISLAMABAD: Chinese and Iranian state-owned companies are interested in taking over loss-making Pakistan Steel Mills (PSM) as part of a long-term lease deal, Privatisation Commission Chairman Mohammad Zubair said on Wednesday...

    Built by the Soviet Union in 1970s, state-owned PSM has become a huge drain on government resources and shuttered steel production in 2015...

  • PTI seeks probe into Pakistan Steel Mills collapse

    ISLAMABAD: The Pakistan Tehreek-i-Insaf (PTI) on Tuesday asked the National Accountability Bureau (NAB) to investigate the shutdown and collapse of the Pakistan Steel Mills (PSM)...

    4 billion each month, resulting in the loss of precious foreign exchange being spent on the import of steel in the country, both in private and public sectors,” the PTI lawmaker said...

  • SSGC told to resume supply to Steel Mills

    KARACHI: Sindh Chief Minister Syed Qaim Ali Shah expressed deep concerns over the discontinuation of gas supply to Pakistan Steel Mills (PSM) to be effective from July 28 and directed the managing director of Sui Southern Gas Company (SSGC) to ensure uninterrupted supply, as well as maintain production levels...

    The chief minister, addressing complaints of the Pakistan Steel Peoples Workers Union, telephoned the SSGC chief on Friday...

  • Centre’s help sought for recovery of Steel Mills land

    ISLAMABAD: The Pakistan Steel Mills (PSM) has sought urgent help of the federal government to recover more than 1,800 acres of land from the Sindh government and private parties amid the Centre’s efforts to dole out pricy land near Karachi’s Bin Qasim Port for ‘selective’ settlement of liabilities on the balance sheet of the sick unit...

    It has warned the government not to transfer the expensive land to the National Bank of Pakistan...

  • Sindh govt will not back off from its claim: CM Shah on Steel Mills' contested land

    Taking note of the Pakistan Steel Mills (PSM) seeking the federal government's help to sell the land that is currently under control of the Sindh government, chief minister Murad Ali Shah said on Tuesday that his government will not back off from its claim over the land...

    The centre wants the PSM to transfer its land to the National Bank of Pakistan (NBP) and the Sui Southern Gas Company Limited under a “Liability Settlement Plan”...

  • Steel mills prepare to meet CPEC demand

    Cement companies have invested in expanding operations in anticipation of burgeoning demand owing to construction activity under the China-Pakistan Economic Corridor and the growth in housing projects...

    And the steel industry is catching up fast with the expected rise in demand...

  • Discrepancies and fabrications in Gulf Steel Mills inquiry: JIT report

    Volume one of the Joint Investigation Team's (JIT) report highlights several discrepancies and fabrications regarding the ownership and sale of the Gulf Steel Mills by Nawaz Sharif...

    The answer to the origin of the funds lay with the sale of Gulf Steel Mills, the proceeds of which were invested with the Al-Thani family of Qatar, in “cash and without paperwork...

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