Islamabad : Pakistan Steel Mills Corporation (PSMC) stakeholders Group has extended its full- scale assistance to the Senate Standing Committee on Industries and Production for tracing out those elements / factors which, it believes, intentionally damaged PSMC , Pakistan’s top industrial leader, in couple of decades.
In its letter addressed to the standing committee of the Senate on Industries and Production , the Stakeholders Group also recommended it to to seek answers to a set of questions to reach out to the conclusion as to which factors played a key role in ruining PSMC , a mega industrial unit which could lead Pakistan for an industrial revolution.
The set of questions sent by the Stakeholders Group to the Senate panel are of extremely importance as its outcome could ultimately expose all those elements and officials who intentionally ruined PSMC in the last two and half decades. The Stakeholders Group is exposing almost each and every character which came into play to destroy PSMC in the last couple of decades but its efforts are still to get fruits. Rather , it has received disappointing response in different regimes which one or other way were linked to mafias which brought PSMC to the ruins since 2005.
It has come forth again to help the Senate panel to get all those fixed who acted criminally to bring PSMC down to ruins during over the years.
The stakeholders Group said it feels its responsibility to inform the facts related to the Pakistan Steel Mills (PSM). The government/Privatization failed to privatize profit-earning PSM,
and the non-transparent privatization process was annulled by the Supreme Court vide its judgement CP 9/2006. The Pakistan Steel Mills (PSM) would not have been in its present crisis if
the Ministry of Industries & Production (MOI&P)/SIFC/Government had played its responsible role, appointed a knowledgeable Pakistan Steel Mills (PSM) Board of Directors (BOD), and an
accountable professional Management & monitored their performance according to the SOE’s Act 2023. TheMOI&P/Government, mostly during 2004-2025, appointed men of their choice,not knowing the functions of the integrated steel plant, and never monitored their performance.
The successive Governments/MOI&P/SIFC failed in playing their responsible role in investigating the chequered history of PSM from the audited Key Performance Indicators (KPI) from 1985 to 2008. We, “Request for Permission to State Solution of Problems Faced by PSM & its Victimized Stakeholders – MOI&P/SIFC Adopted Roadmap for “PSM Revival” is Leading to Further Financial
Disaster”. Presently, the PSM management structure is nonexistent (Annex-A), and the BOD has failed in the appointment of professional Management. The PSM audited
accounts have remained incomplete since July 2023 to date (November 2025). The PSMC Stakeholders’ Group will help the Senate Standing Committee in the submission of recommendations for PSM revival to the Government/SIFC/MOI&P. It will also help in solving
problems faced by victimized employees, residents of Steel Towns, Gulshan E Hadeed, and other stakeholders.
The PSM can be revived by the local trained human resources, if truth be told, for the fixation
of responsibility against the persons at fault. In this regard, the Sub-Committee is request to ask the MOI&P for submission of the PSM audited KPI from 1985 to 2025. It will help in
monitoring the performance of MOI&P/PSM BOD/Management costs to the country’s
economy + public exchequer. The following questions’ responses from MOI&P will help understand the problems faced by the PSM and its stakeholders: –
i) What is the country’s Steel Policy, since 2008, compared with the neighboring countries’ Steel Policies?
ii) What were PSM losses as on 30th October 2025, compared with those as on June 2008?
iii) What were payable debts liabilities as on 30th October 2025, compared with those as on June 2008?
iv) Whose responsibility is to monitor the Performance of PSM BOD/Management,
blunders, and costs to taxpayers?
v) What was PSM inventory data in terms of volumes & value as on October 2025,
compared with as on June 2008?
vi) What measures have been initiated by the MOI&P to save the assets of PSM?
vii) Whose responsibility is to save the assets of PSM?
viii) How many thefts of precious materials incidents in volume & value occurred in PSM
& actions initiated against the alleged accused and their counterpart Facilitators by
the Management/BOD/MOI&P?
ix) What was the workforce on the payroll of PSM as on 30th October 2025, compared
with as on June 2008?
x) What was the cost of goods sold against the sales revenue to PSM, from July 2008
to October 2025?
xi) What were the hurdles to the PSM BOD in transferring the PSM 12% shares in the
“Employees Trust Fund” during 2009- 2025?
xii) What is MOI&P/Government, justification discriminated in applying the clauses of
the Memorandum of Articles of Associations & SOE’s Act 2023 against the
successors of ex-Chairman Mr. Mueen Aftab Sheikh?
xiii) What was PSM’s share book value as on October 2025, compared with June 2008?
xiv) What were the hurdles to governments in the privatization of profit-earning PSM
during 2005-23?
xv) What were the submissions of MOI&P, constituted (on the direction of SIFC)
“Committee” (Annex-C) about the future of PSM?
xvi) Who misled the SIFC APEX Committee, on 25-5-2024, to approve “Scraping PSM &
Establishment of SEZ” at PSM land without Due Diligence?
xvii) What are PSM’s Management/BOD’s comments on the administrative/financial
irregularities observed by the Auditor General of Pakistan during 2008-25?