INP
\nKARACHI
\nPresident Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Monday said Pakistan Steel Mills (PSM) is inflicting loss of over sixty million per day.
\nMore funds should not be wasted to revive this sick unit and it should be handed over to Russians or included in the CPEC, he said.
\nTalking to the business community, the veteran business leader PSM is draining public exchequer by Rs 2 billion monthly while its losses have swelled from Rs460 billion to Rs510 billion during the current government.
\nThe former minister noted that the chairman of the institution still want to revive it and start production of 1.1 million tonnes which he plans to boost to 3.3 million tonnes which seems like a pipe dream.
\nThe post of CEO of PSM is lying vacant since January 2013, it has no financial advisor, therefore, time and money should not be spent on this dead project, he added.
\nHe said that those who have the ability to run this institution are not getting the opportunity to fix things while an influential mafia is interested in keeping it closed, therefore, it is not working since June 2015.
\nClosure of PSM has resulted in losses of eleven billion dollars which has transformed this profitable institution into a burden.
\nHe noted that audit of PSM has not been conducted since years while corruption and nepotism rules in it which is in the interest of some influential.
\nPSM remained profitable from 2000 to 2008 after which it was plundered mercilessly and not a single government took a genuine interest in energizing it, however, the PSM stakeholders group claims that if the tariff is rationalized, this institution can swing to profit and help generate Rs100 billion in revenue.Pakistan Steel Mills losses over Rs60 million per day
\nINP
\nKARACHI
\nPresident Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Monday said Pakistan Steel Mills (PSM) is inflicting loss of over sixty million per day.
\nMore funds should not be wasted to revive this sick unit and it should be handed over to Russians or included in the CPEC, he said.
\nTalking to the business community, the veteran business leader PSM is draining public exchequer by Rs 2 billion monthly while its losses have swelled from Rs460 billion to Rs510 billion during the current government.
\nThe former minister noted that the chairman of the institution still want to revive it and start production of 1.1 million tonnes which he plans to boost to 3.3 million tonnes which seems like a pipe dream.
\nThe post of CEO of PSM is lying vacant since January 2013, it has no financial advisor, therefore, time and money should not be spent on this dead project, he added.
\nHe said that those who have the ability to run this institution are not getting the opportunity to fix things while an influential mafia is interested in keeping it closed, therefore, it is not working since June 2015.
\nClosure of PSM has resulted in losses of eleven billion dollars which has transformed this profitable institution into a burden.
\nHe noted that audit of PSM has not been conducted since years while corruption and nepotism rules in it which is in the interest of some influential.
\nPSM remained profitable from 2000 to 2008 after which it was plundered mercilessly and not a single government took a genuine interest in energizing it, however, the PSM stakeholders group claims that if the tariff is rationalized, this institution can swing to profit and help generate Rs100 billion in revenue.<\/p>\n","protected":false},"excerpt":{"rendered":"
INP KARACHI President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Monday said Pakistan Steel Mills (PSM) is inflicting loss of over sixty million per day. More funds should not be wasted to revive […]<\/p>\n","protected":false},"author":2,"featured_media":93319,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-93292","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n