Islamabad, July 30, 2025: In light of the Senate Standing Committee on Industries & Production’s upcoming visit to Pakistan Steel Mills (PSM) on August 2, 2025, the PSMC Stakeholders Group has formally requested permission to present a fact-based briefing to the Committee. The request, submitted to Senator Aon Abbas, Chairman, and Mr. Muhammad Abu Bakar Siddiqui, Secretary of the Committee, seeks to prevent a repetition of the costly mistakes made during the previous privatization and revival efforts of PSMC.
The Group has expressed concerns that previous presentations by PSM and the Ministry of Industries & Production (MOI&P) were stereotyped and potentially misleading, resulting in unchecked losses and flawed policy decisions. Despite Supreme Court directions in CP 9/2006 and Suo Moto Case 15/2009, no meaningful accountability has been ensured.
According to the Group, non-technical CEOs and unqualified boards appointed by MOI&P oversaw PSM operations between 2008 and 2025, contributing to losses exceeding Rs700 billion. Basic services in Steel Town and Gulshan-e-Hadeed remain disrupted due to PSM’s unpaid dues to SSGC, K-Electric, and KW&SB, leaving residents in a state of continued hardship.
While MOI&P has signed a protocol with Russia for PSM’s revival, the Group highlights the absence of a functional management structure and depletion of technical human resources. Proceeding with consultant hiring without appointing a professional management team is, they warn, a recipe for another policy failure.
The PSMC Stakeholders Group has offered to assist the Senate Committee by sharing its recommendations and experience to save time, resources, and avoid further financial setbacks in PSM’s revival process.