Islamabad after the economic coordination councils ecc decision to fire over 9,350 employees at pakistan steel mills psm, the hopes and prayers for the resurrection of the countrys once top steel-producing unit have been dashed.
Now an uncertain future awaits psms 9,356 workers and their families as the ecc in its meeting on wednesday approved retrenchment of all the employees and announced rs20 billion dh445.440 million compensation package for the sacked staff. the ecc decision is however subject to the federal cabinets endorsement.
Ironically, the decision has come exactly five years after the psm closed its productions and operations in june 2015.
Psm owes its deterioration to frequent losses, corruption, debts and poor management. it has not paid salaries to its staff since may 2016, not paid gratuity to its former employees who have retired since may 2013 and has failed to give provident fund to retiring staff since 2015 the total number of employees in these two categories is 3,000. the pakistan steel mills total losses and liabilities are estimated at rs400 billion dh9.026 billion. according to the ecc the psm is facing rs550 billion deficit and billions are being spent on debt servicing.
While talking to gulf news, former chairman of the psm senator lt gen r abdul qayyum expressed his dismay at the ecc decision of firing the employees of the psm. it will be unfortunate as under the proposed compensation package rs600,000 dh13,540 to rs 700,000 dh15,796 is nothing but peanuts. the government instead of terminating their services should have used their talent and taken measures for a revival of the psm and turn it into a lively and productive unit, said gen qayyum.
Pakistan steel mills corporation pvt. limited urdu , also known as pak steels, is a producer of long rolled steel and heavy metal products and entities in the country..
Lt gen qayyum, during his three-year tenure 2004-2006 as chairman of the psm, turned the mills into a profit-earning industrial entity.
Contrary to lt gen abdul qayyums point of view, secretary general of pakistan association of large steel producers palsp wajid bukhari welcomed the eccs decision saying the psm had turned into dead wood and stood at zero production since 2015.
When operational, psm production stood at 1.1 million tons with a workforce of 10,000 or more workers while we in our individual capacity are producing 0.6 million tons 60pc of psms production with only 2,000 workers, said bukhari.
Jul 15, 2020nbsp018332the steel mills will benefit pakistan and the region as well. as you know todays mobility challenge trainrail project are in pipeline with several vendors chinese, and others. i have studied the model world wide for rail track patri pakistan railways is the biggest buyer of rail as the track are worn out, and would need investment for ...
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Dec 10, 2018nbsp018332the pakistan steel mill is the back bone of our country, it is total nonsense if we keep this one out of operation, what damage has been done to the mill is done we have to think about the future, i think it will be better that let pakistan military takes over and such its fouji foundation operates it, nab must investigate and bring culprits in ...
Islamabad the supreme court on thursday questioned the federal governments initiative to revamp the ailing pakistan steel mills psm and warned the plan might lead to a disaster.
In a refreshing display of conviction, the pti government has gone ahead with the decision to layoff 9,350 employees of pakistan steel mills psm against total severance of rs20 billion, and ...
May 10, 2010nbsp018332pakistan steel mills corporation psmc has lost and cost the government a huge amount of money so far. its annual losses stood at rs9.33 billion and it
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Pakistan steel mills can rightly be called a stillbirth a wish that never was a case of chasing shadows and a dream turned nightmare not because it was destiny but for other factors. too many misleading analyses have been written on the steel mills affairs. a detailed analysis of events leads to the inevitable conclusion that the ...
Karachi the issue of pakistan steel mills is of paramount importance.the largest industrial mega-corporation has en on decline for the past many years. its considered as a white elephant the ...
Mar 12, 2020nbsp018332the top judge said the pakistan steel mill is creating several problems and seems that all the budget of the country would be spent on it. cjp gulzar said in his remarks to appoint new staff, if ...
Jun 04, 2020nbsp018332the pakistan steel mills is a huge burden on taxpayers, he told a press conference. he said salaries amounting to rs55 billion were paid to around 9,000 employees of the non-operational mill.
Pakistan steel mills corporation pvt. limited urdu , also known as pak steels, is a producer of long rolled steel and heavy metal products and entities in the country.. headquartered in karachi, sindh province of pakistan, the psm is the current largest industrial mega-corporation, having a
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Jun 05, 2020nbsp018332june 5, 2020 minister for industries and production hamad azhar has said the government has decided to privatize pakistan steel mills in order to revive and steer it out of losses. addressing a news conference in islamabad yesterday, he said fifteen parties have shown their interest in pakistan steel mills. he clarified that only the core steel mills operations will be privatized.
A general view of the deserted hot strip mill department of the pakistan steel mills on the outskirts of karachi, february 8, 2016. photo reutersakhtar soomro shamil shams and s. khan
Jun 23, 2020nbsp018332karachi the sindh high court shc on tuesday refused to hear a petition filed by the pakistan steel mills psm employees relating to their sacking after
The economic coordination committee approved on wednesday firing all employees of the pakistan steel mills.
The mills haven8217t been functioning for years and the employees haven8217t been doing anything, reasoned the committee. the meeting was chaired by adviser to the pm on finance abdul hafeez sheikh.
There are 9,350 employees who will be fired within a month and another 250 will be let go within three months. the ecc approved a rs18 billion package for the employees, which amounts to rs2.3 million per person.
Though the mills have been closed for years, they are running a rs550 billion deficit and billions are being spent on debt servicing.
The government has made noise about wanting to restart the mills but so far nothing has been done.
Demonstrators blocked the national highway in karachi monday morning for a short time to protest against the privatization of the pakistan steel mills. the protesters were current and retired ...
Ik do not gives 10 million job,he fires the employees and privatise the industry
Ettifaq steel mills ko band kro aur pakistan steel mills open kro.
Ittefaq steel mills is already closed.pakistan steel mill joins the party tabdeeli mubarak ho
Pakistan steel mills is one of the largest steel producing industry in pakistan. during my internship period the company was going through labour crisis hence the 50 of their production was cut at that time. but even after this the industry was producing high amount of quality steel.
Jun 09, 2020nbsp018332read more pakistan steel mills huge burden on taxpayers hammad. the federal cabinet will go ahead with the privitization and provide a golden handshake to its employees.
Jun 07, 2020nbsp018332pakistan affairs. pakistan economy. ecc approves firing all pakistan steel mill employees. thread starter kabira start date jun 3, 2020 prev. 1
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