Federal government kicks off process to revamp loss making Pakistan Steel Mills

Federal government kicks off process to revamp loss making Pakistan Steel Mills
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KARACHI – Federal government has decided to revamp the loss making Pakistan Steel Mills.

Federal government has initiated consultations with stakeholders to help it revive the Pakistan Steel Mills, once the pride of the country’s industrial output but now shut and bleeding cash.

Built by the Soviet Union in 1970s, the state-owned facility (PSM) has become a huge drain on government resources and has not produced steel at its 19,000-acre facility since June 2015.

The Steel Mills has suffered decades of under-investment and would require huge upgrades to be competitive with steel makers in countries such as China.

The plan is to start the operations at the complex before turning it into public-private partnership. PSM has accumulated losses of billions of rupees and other outstanding debts.

Economy