Pakistan Steel Mills (PSM) announced the termination of 562 daily wage workers on Wednesday, marking the end of their employment contracts. According to a notification from the In-charge Manager of Administration & Personnel, the contracts have expired, and there are no plans for re-employment of these workers.
The official statement confirmed that all daily wage employees have been let go as their contracts concluded. This decision follows a period of speculation regarding the future of PSM, one of Pakistan’s largest state-owned enterprises. The termination affects a substantial portion of the workforce and raises questions about the ongoing operations at PSM.
In a notable policy shift, the caretaker government in December 2023 decided to remove PSM from the list of state-owned entities slated for privatization. This decision seen as a move to retain control over the struggling steel giant. However, the financial viability of PSM continues to be a topic of debate among government officials and industry experts.
During the launch of the Economic Survey 2023-24, Finance Minister Muhammad Aurangzeb painted a grim picture of PSM’s future. He unequivocally stated that there is a “zero percent” chance of the mill’s revival, suggesting that its only feasible outcome might be to sell it off as scrap. Aurangzeb’s remarks highlight the severe challenges facing PSM, once a cornerstone of Pakistan’s industrial landscape.
Aurangzeb discussed selling the mill for Re1 to ease government costs. He criticized PSM’s gas supply as insufficient. These points underline the mill’s complex problems.
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