No Result
View All Result
Sunday, June 1, 2025
MM News
اردو
  • Home
  • Latest News
  • Showbiz
    Gen V Season 2

    Prime Video drops teaser trailer, confirms Gen V Season 2 premiere for September 17

    Arshad Warsi

    Arshad Warsi and wife face 5-year ban: Will he also disappear from films?

    Deepika Padukone

    In pictures: What are the shocking controversies in Deepika Padukone’s past?

    Hania Amir

    Yashma Gill proposes to Hania Aamir: Her hilarious reply goes viral

    Image: AP

    In Pictures: Thailand’s Opal Suchata Chuangsri crowned Miss World

    Gigi and Bella Hadid

    The Hadid sisters have a stepsister? Here’s what we know

  • Thought Box
  • Business
  • Opinions
  • Technology
  • The Other Side
MM News
  • Home
  • Latest News
  • Showbiz
    Gen V Season 2

    Prime Video drops teaser trailer, confirms Gen V Season 2 premiere for September 17

    Arshad Warsi

    Arshad Warsi and wife face 5-year ban: Will he also disappear from films?

    Deepika Padukone

    In pictures: What are the shocking controversies in Deepika Padukone’s past?

    Hania Amir

    Yashma Gill proposes to Hania Aamir: Her hilarious reply goes viral

    Image: AP

    In Pictures: Thailand’s Opal Suchata Chuangsri crowned Miss World

    Gigi and Bella Hadid

    The Hadid sisters have a stepsister? Here’s what we know

  • Thought Box
  • Business
  • Opinions
  • Technology
  • The Other Side
No Result
View All Result
No Result
View All Result
MM News
اردو
  • Latest
  • Showbiz
  • Thought Box
  • Business & Stock
  • Opinions
  • Technology
  • The Other Side-Pakistan
Home Uncategorized

PSM production unit closed since sixty months

Yaseen Hashmi by Yaseen Hashmi
March 30, 2020
psm
KARACHI: The Pakistan Steel Mills (PSM), the nation’s largest steel-producing entity with an annual production of over 1.1 million tonnes, has been completely shut since the past sixty months since 2015 with zero production.
The national asset is the largest steeling producing unit in the country being operated by the federal government. The steel and other allied industries are dependent on the PSM as they remould steel and can be considered as a market for the steel mills. PSM was developed with the assistance of the former Soviet Union as a frontline for the socialist state but has fallen into disorganisation and neglect ever since.
PSM was supposed to be developed in three stages. The first stage was completed in 1985 when production reached 1.1 million. The second and third phase was supposed to enhance production to 1.5 million tonnes and eventually three million tonnes but was never realized. This has come at a steep price for the local industry and the need to import steel and meet the drop in production.
The PSM is currently facing gross negligence, mismanagement, corruption and political interference. Due to the gross mismanagement, the salaries and wages of employees are delayed for months while gratuity funds, provident funds, benevolent trusts, EOBI payments, and pensions have been gobbled by the authorities. The entity is one of the largest employers in the country and the lives of thousands of employees and their families are at stake.
The healthcare facilities for employees have also been curtailed. The PSM Hospital earned revenue of Rs10 million monthly in 2008 from private patients but cannot provide diabetes tests for employees or handle emergency patients. The retired employees of 2015 are still awaiting their gratuity funds, while those who retired in 2015 have not been paid outstanding dues and retirement benefits. There are six thousand retired or deceased employees who have not been paid their dues.
There have been no increments in salaries since 2009 even though the government has increased salaries by 155 percent ever since. The gratuity funds are being deducted from employee’s salaries and all other allowances have been stopped. There has been no investigation and either the PSM’s Board of Directors or Ministry of Industries and Production is responsible for the downfall. The Auditor General of Pakistan (AGP) has not conducted an audit of PSM’s accounts.
The PML-N government started the restructuring of the PSM in 2014 and appointed Major General (retired) Zaheer Ahmed as CEO as part of the new policy. He approved a budget of Rs18.5 billion to expand production to  70 percent capacity and increase revenue by Rs9 billion annually. When his two-year contracted ended, PSM’s deficit had increased to Rs50 billion while outstanding dues stood at Rs45 billion.
The decline in production is being blamed on low gas pressure as the Sui Southern Gas Company (SSGC) suspended gas supplying over outstanding dues. A further 900 employees are expected to retire in 2020 but cannot receive pension funds or retirement benefits. Many have legal action over the non-payment of dues going way to 2013.
The PPP has opposed the privatisation of the PSM stating that it belongs to Sindh and is the legacy of former Prime Minister Z.A. Bhutto. The PTI became the only party to join PSM in protest while in opposition but has not provided any concrete strategy or policy to revive the national asset while it is now in power.
Tags: KarachilossesmillspakistanpsmSteelsteel mills
ShareTweetSendShare
Previous Post

Coronavirus cases in Pakistan surge past 1750

Next Post

The state is our mother

Related Stories

File photo
Uncategorized

Imran Khan announces nationwide anti-govt protest movement

May 31, 2025
File photo
Uncategorized

Saudi Arabia warns of severe heatwave during Hajj 2025

May 30, 2025
File photo
Uncategorized

Justice Muneeb Akhtar takes oath as acting CJP

May 30, 2025
Stray dogs. File photo
Uncategorized

Punjab govt bans stray dog killings

May 30, 2025
File photo
Uncategorized

GB trophy hunting revenue dips to Rs303 millions

May 29, 2025
File photo
Uncategorized

81,000 Pakistani Hajj pilgrims reach Saudi Arabia

May 29, 2025
File photo
Uncategorized

Punjab University hostels to remain closed during summer break

May 29, 2025
File photo
Uncategorized

Pakistan urges UNSC to act as Israel kills Palestinians

May 29, 2025
Uncategorized

Another minor boy dies after falling into open manhole

May 28, 2025
File photo
Uncategorized

CII rejects bill to ban marriages under 18

May 27, 2025
Next Post

The state is our mother

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Trending Stories

Crime

SZABIST professor among three dead in Karachi road accidents

by MM News Staff
June 1, 2025
Business & Stock

Tax cuts for salaried class likely after IMF approval

by MM News Staff
June 1, 2025
(Representational Image)
Bakra Eid 2025

Makeshift mechanical rides banned in Punjab during Eid holidays

by MM News Staff
June 1, 2025
Gen V Season 2
Amazon Prime

Prime Video drops teaser trailer, confirms Gen V Season 2 premiere for September 17

by MM News Staff
June 1, 2025
Sybil Sohail with her gold medal at the Asian Weightlifting Masters Championship in Doha on May 30. Photo Courtesy: TWINKLE SOHAIL
Sports

Sybil Sohail wins gold at Asian Weightlifting Championship

by MM News Staff
June 1, 2025

Opinion

munir ahmed oped
AIF 2025 – A Rallying Cry for Unity in a Fractured World
May 31, 2025
- Munir Ahmed
munir-ahmed-oped-2-1140x1140
Eurasian Economic Union at 10: Looking Beyond the Decade
May 29, 2025
- Munir Ahmed
munir-ahmed-oped-2-1140x1140
Crimea at the Crossroads: Development, Identity, and Geopolitics
May 29, 2025
- Munir Ahmed
No posts found
See all

Weather Updates

Weather

Karachi sizzles at 39 degree Celsius

by MM News Staff
June 1, 2025

Temperatures in Karachi reached 39 degrees Celsius on Sunday as the southern port city...

Glaciers in Pakistan

Pakistan develops policy framework to protect glaciers, combat climate change

June 1, 2025
file photo

Weather updates for Islamabad, other parts of Pakistan

June 1, 2025
Heatwave

Karachi braces for more heat as temperature remains high

May 31, 2025
See all

Prices

representative image
Business & Stock

Gold prices in Pakistan today- Sunday, June 1, 2025

by MM News Staff
June 1, 2025

The following are the current gold prices in Pakistan on Sunday, June 1, 2025....

File photo

Petrol price hiked by Re1 per litre in Pakistan

May 31, 2025
LGP prices have been slashed ahead of Ramadan. File photo

LPG prices announced for June 2025

May 31, 2025
representative image

Gold prices further drop in Pakistan

May 31, 2025
See all

Transport News

file photo
Transport

Govt doubles public transport fares in Islamabad

by MM News Staff
June 1, 2025

The Capital Development Authority (CDA) has introduced a revised fare structure for the city's...

representative image

Everything you need to know about Lahore’s Yellow Line E-Train Project

June 1, 2025
Pakistan Express

Train derailment: Pakistan Express heading to Rawalpindi suffers major accident

June 1, 2025
(Image: Dawn)

Karachi residents protest load-shedding; National Highway blocked

May 31, 2025
See all

MM Digital (Pvt.) Ltd.

MM News is a subsidiary of the MM Group of Companies. It was established in 2019 with the aim of providing people of Pakistan access to unbiased information. Contact Details: 03200201537

Quick Links

  • Home
  • Advertise
  • MM News Urdu
  • The Other Side-Pakistan
  • Contact Us
  • Privacy Policy

Top Pages

  • Latest News
  • Showbiz
  • OP-ED
  • Technology
No Result
View All Result
  • Latest News
  • Showbiz
  • Thought Box
  • Business
  • Opinions
  • Technology

© Copyright 2024 MMNews - All Rights Reserved.