Pakistan Steel Mills to be leased for 45 years

Pakistan Steel Mills to be leased for 45 years

Federal government is considering leasing the country’s largest industrial complex, Pakistan Steel Mills to a private concern for 45 years under a revenue sharing arrangement , and laying off almost 5,000 employees.

On Monday, a transaction committee discussed various options in this regard, based on which the Privatisation Commission’s board will meet on Tuesday (today) to decide the duration of the lease.

Sources privy to the development said a meeting of the cabinet committee on privatisation has been called over the weekend to approve the transaction structure.

“The present state of PSM is due to unchecked corruption, inefficiency, over-employment and the government’s lukewarm attitude towards its revival,” summarised a report to the Economic Coordination Committee by the secretary of the industries ministry.

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