Pakistan Steel Mills: Union leaders demand another bailout

KARACHI: Labour union leaders in Karachi called for the government to release Rs25 billion in funds for the bailout of Pakistan Steel Mills, the third such bailout in as many years National Labour Federation President Rafiq Ahmed Khan demanded that the government release its bailout funds for the state-owned steel company, which has been granted over Rs75 billion in bailouts over the last three years. The finance ministry has, in recent months, refused to release any more bailout funds for state-owned companies until they present a clear plan for turning themselves around. Addressing a press conference in Karachi, labour leaders claimed that the employees of the steel company were not receiving their salaries as a result of PSM’s financial situation.

Published in The Express Tribune, September 15^th, 2011.