National

PSMC Stakeholders Group appeals to save PSM from further technical/financial disaster

ISLAMABAD, Jan 18 (SABAH): Pakistan Steel Mills Corporation (PSMC) Stakeholders Group has appealed to save PSM from further technical/financial disaster.

This has been stated by Convener, PSMC Stakeholders Group
Mumrez Khan in a letter written to Caretaker Federal Minister for Industries and Production Dr. Gohar Ejaz, Additional Secretary (Incharge), Ministry of Industries and Production Rashid Mahmood Langrial and Additional Secretary -II, Ministry of Industries and Production, Ms. Sarah Aslam.

It has been stated in the letter that in the continuation to PSMC Stakeholders’ Group, previous correspondence, request for meeting for the solution of problems remained unnoticed by Ministry of Industries & Production (MOI&P). Once again inviting your attention towards power breakdown fault (Jumpers & Conductors broken) at Pakistan Steel Mills (PSM) incidence dated 16th January 2024, at 07.30 am, problem/fault remained unresolved till today (18-01-2024) because technical staff is not available after illegal retrenchment of 5,500 permanent employees in 2020-21. There is emergency at the PSM Plant, affected areas are PSM plant, offices, Steel Town & Gulshan E Hadeed phase-1.

Presently, affairs of PSM run by an illegal Executive Committee (ECM) and management structure is non-existent without a Chief Executive Officer (CEO) and Board of Directors is non-professional/controversial till the completion of FIA inquiries No. 44/2022 (investigation about administrative/financial irregularities during 2018-22, was initiated on the direction of Public Accounts Committee (PAC) and No. 46/2022 (thefts of precious materials) was initiated on the direction of MOI&P).

Profit earning PSM has been deliberately destroyed during 2005-23, by successive Governments to benefit private sector few companies, initiated non-transparent process without the approval of Council of Common Interest (CCI) and it was annulled by Supreme Court in its judgement CP 9/2006, observed violation of rules & regulation by public office holders.

Caretaker Government delisted the PSM (after Privatization Division/Commission, failure in privatization) from active privatization list and tasked to MOI&P for submission of operationalization plan in October 2024. Present BOD/adhoc management submitted misleading information & incorrect financial data to reflected in audited balance sheets from 2012 to 2022. We addressed letter for reconstitution of PSM knowledgeable BOD, appointment of professional Management but remained unnoticed. PSM properties/asset cannot be sold for any other purpose/industrial zone without running the Mills, its land can be allocated only to downstream & upstream.

It is requested to intervene, in resolving the emergency situation (prior to any untoward situation & casualty) at PSM Coke Oven Battery Plant (COBP) to save 2, batteries (are on heating mode from 2010 & 2015) from further disastrous impact. Besides this the population living in steel town & Gulshan e Hadeed are frustrate, planning for protest.

PSM is financially bleeding further more than Rs 100 million per day due to MOI&P/government indecision. In this regard, PSMC Stakeholders’ Group is available to help the MOI&P/Government, in resolving the crises situation subject to MOI&P/Government play their responsible role in reconstitution of knowledgeable BOD, appointment of professional Management would help in submission of operationalization plan for “Revival of Mills” by local trained/superannuated technical human resource.

The copies of the letter has been sent to Principal Secretary to Prime Minister, Government of Pakistan, Islamabad, the Secretary, Special Investment Facilitation Council, (SIFC), Prime Minister Secretariat, Islamabad and Insaf Labor Union (CBA), Pakistan Steel Mills, Bin Qasim, Karachi for information.