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Call to probe Pakistan Steel's losses and liabilities reaching Rs700b

Production closed eight years ago, but mill incurring daily losses of Rs100 million

By News Desk

February 2, 2024 03:13 PM


Call to probe Pakistan Steel's losses and liabilities reaching Rs700b

File photo

Pakistan Steel Mills Stakeholders Group has demanded an investigation into the factors that led Pakistan Steel Mills’ losses and liabilities snowballing to Rs700 billion from 2005 to 2024, reported 24NewsHD TV channel Friday.

The production process of the steel mill was closed for the last eight and half years as a result the mills was facing losses of Rs100 million per day.

Pakistan Steel Stakeholders Group chief Mamraiz Khan in a letter to caretaker Prime Minister Anwaar-ul-Haq Kakar demanded that Board of Directors of Pakistan Steel should be reconstituted, issues of professional management in Pakistan Steel should be addressed.

He said due to non-payment of dues, gas supply of steel mills remained suspended since July 2015.

Pakistan Steel Stakeholders Group said due to the closure of the production, encroachment mafias started encroaching residential land for agricultural purposes.

Moreover, due to the closure of Pakistan Steel, 4 billion dollars are being spent annually on the import of steel products.

 

Reporter Ashraf Khan


News Desk


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