Pakistan Steel Mills: PTI government takes important decision over loss making giant
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*ISLAMABAD - PTI government has taken an important decision over the loss making giant Pakistan steels Mills.*
*PTI government has decided to turnaround Pakistan Steel Mills, It has been revealed.*
*The government has decided to release all the dues (till 2019) of Pakistan Steel Mills, Federal Information Minister Fawad Chaudhry said on Thursday.*
Addressing a presser in Islamabad, the minister said people will see that unlike their predecessors, this government will turn around the one-time steel giant, which has Rs43 billion in outstanding debts as of September, 2018, according to the central bank’s data.
In November, the Economic Coordination Committee, a top government body on economic decisions, had dropped the PSM from the list of government-owned companies that were put under its privatization plan.
There are about 200 public sector companies and an overwhelming majority of them are in losses because of mismanagement, operational inefficiencies, ailing infrastructure and political interventions. Collectively, these companies consumed Rs1.3 trillion of the taxpayers’ money as their total debt and liabilities rose 23.5% last year.
