ISLAMABAD: Imran government has added another Ra 150 billion to Pakistan Steel Mills (PSM) losses through keep on protecting a powerful mafia of steel importers by ensuring huge tariff differential to make products of PSM non – competitive.
Other major reason that made PSM bleeding is installation of hand picked , non- professional and corrupt management by Imran government. The selection of non- professional and incompetent members of board of directors also played a key role in destruction of PSM during the last three years.
PSM is a key strategic asset of Pakistan. Since its installation by PPP founder chairman and former prime minister, Zulfiqar Ali Bhutto , it had been a worst victim of mafias. The mafia of steel importers had been a major factor involved in turning this golden asset of Pakistan into a noncompetitive by getting ita desired import tariff differential. Despite these negative factor s, PSM kept on surviving. In some periods like from 1998 to 2007, it remained a profit-making entity. Then with the beginning of Zardari led PPP rule in Sindh it started to go in losses from 2008. From 2008 to onward till 2018 it kept on incurring loss.
During PPP rule PSM had literally gone to dogs. There was none in any department to resist a gang of Asif Ali Zardari led by Riaz Lal G in money making derive. Riaz Lal G and his gang was unbridled to plunder every resource of PSM.
PMLN came in power in 2013 and for next 5 years it was PML-N led mafia that used PSM to make money. These two governments practically turned profit-making PSM into an industrial graveyard. Finally, the pride of Pakistan (PSM) was shut down during PMLN rule.
In 2018, Imran Khan visited PSM and assured a big gathering of workers that if PTI won 2018 elections he will make PSM functional . He was also accompanied by his buddy Asad Umer, who too made a very passionate speech that PTI rule will be for the workers and it will restore all operations of PSM.
PTi did won 2018 general elections and Imran Khan became prime minister, but neither PTI nor Imran Khan could beat mafia involved in plundering and shutting down of PSM.
Asad Umar too proved too little to honour his commitment of making PSM operational.
Instead, Imran government followed PPP and PMLN working of facilitating mafias to make money through different tactics like appointing corrupt management and BOD having vested interest. This had added another Rs 150 billion to PSM losses during the last three years.
NEWSMAN spoke to PSMC Stakeholders Group chairman, Mumraiz Khan, to get workers’ point of view on the mills sorrowful state . He said PSM losses and payable debts have gone up to Rs 625 Billion as of May 2021 as compared to Rs 475 Billion in June 2018 when PTI came in power.
According to Mumraiz Khan ,PSM is financial bleeding Rs 6 million per hour and this huge loss to the national kitty continues due to appointment of nonprofessionals (men of choice) and never monitored their performance cost to PSM/exchequer. He demanded investigation against PSM nonprofessional BOD/controversial management and reconstitution of BOD and appointment of professional management, that was promised by prime minister, Imran Khan , in 2018.
