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Troubled PSM’s land to be sold at cheaper rate

KARACHI:(Parliament Times)  Pakistan Steel Mills’ fiscal year journey goes from profit to loss and the national treasure is about to suffer another disaster.

The CEO of Pakistan Steel Mills has indicated in the sub-committee of Public Accounts Committee (PAC) to sale the mills’ land at the cost of only Rs70 lac per acre. The session was chaired by Dr Azra Fazal at Parliament House.

The CEO also told that Pakistan Steel Mills’ profit in 2008 was 3 billion rupees while in 2009, it suffered loss of 26 billion rupees.

Pakistan Tehreek-e-Insaf (PTI) leader and member of the committee Dr. Arif Alvi was wondered over this huge loss and inquired how can an institution go in such a big loss in just one year. He also said that Pakistan Steel Mills’ land is being sold out after shutting it down purposely.

The workers of the Steel Mills also protested against this loss and looting.

Muttahida Qaumi Movement (MQM) leader Rashid Godil also showed his concerns over this issue and said this institution is going towards bankruptcy. He also alleged that the land is being sold at cheaper rate.

Rashid Godil also offered to buy the same land for more than one crore rupees per acre.

The authorities have said that privatization of Pakistan Steel Mills will be completed in three months. The total land of Pakistan Steel Mills has also been calculated for this purpose, which is nineteen thousand acres.

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