PSM Stakeholders’ Group presents proposals for resumption of industrial activities

By: News Desk      Published: 01:12 PM, 31 Aug, 2020
PSM Stakeholders’ Group presents proposals for resumption of industrial activities

The Pakistan Steel Mills Stakeholders’ Group (PSMSG) has prepared and submitted proposals to the federal government for resumption of industrial activities in Pakistan Steel Mills, 24NewsHD TV channel reported Monday.

PSMSG said industrial activities in Pakistan Steel Mills should be restored and demanded for a transparent investigation into the mega scandal in the PSM to recover Rs 150billion.

It is pertinent to note that the PSMSG body consists of employees, pensioners, suppliers, dealers and contractors.

The Stakeholders Group submitted these suggestions in a response to the 18 June letter sent by Ministry of Industry and Production.

The body also proposed for an audit of the performance of the Board of Directors (BoD) of Pakistan Steel Mills.

It also proposed to hand over the PSM to professional administration and to resolve the land issues with the Sindh government.

The federal government this year approved retrenchment of all the 9,350 remaining employees of the Pakistan Steel Mills (PSM) with a one-time severance cost of about Rs20bn in a meeting taken at a meeting of the Economic Coordination Committee (ECC) of the cabinet presided over by Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh.

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