According to a recent report, PSM losses have reached over Rs200 billion
KARACHI: The state-owned Pakistan Steel Mills is crucial for Pakistan’s power determination. For any country, steel production is in one way or another highly beneficial for the economy.
If one is to take the example of the US, then eighty-five per cent of all manufactured goods in the United States contain steel in one form or another. The basic power determinant of any country is its steel production.
In spite of knowing its worth, unfortunately, our own former governments are responsible for the unwelcoming downfall of the PSM. According to a recent report, PSM losses have reached over Rs200 billion. The reason behind this is bad decisions made by former governments: mass hiring of workers, the global financial crisis of 2008, and so on. All the above-mentioned reasons badly affected its production and its influence on the company’s workers: delay in salary, not given basic medical facilities to them. With their inadequate salary and minimum budget, they can’t meet their basic needs.
I request the government to look into the matter and take positive actions to retain it again, in order to reverse the damages done to the industry.
Sadaf Khalid Jamil
Published in The Express Tribune, November 19th, 2019.
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