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ISLAMABAD: The Pakistan Steel Mills (PSM) management is reportedly being pressurised to reinstate those employees who were removed after due process aimed at preparing it for revival/privatisation, well-informed sources told Business Recorder.

The PSM was profitable up to 2007-08, but since 2008-09, its downfall began. Finally, it completely shut down on June 10, 2015, and since then its losses are increasing day-by-day.

Despite the PSM being closed since 2015, the corporation has been paying salaries to the workforce by borrowing money from the government of Pakistan, which carries a significant interest rate. As a result, Government of Pakistan is forced to borrow money to fund these loans to the PSM.

Only 1 company interested in beleaguered PSM

In compliance with directions of Supreme Court of Pakistan, Government of Pakistan had sanctioned and released about Rs.13 billion for retrenchment of the PSM employees. Accordingly, 5,300 employees were retrenched during 2020 and 2021, which includes 49.9% of the mill’s work force and PSM has filed the case in Labour Court for retrenchment of the remaining 51.1%.

The sources said from recent events at Pakistan Still Mill (PSM), it appears that the political forces are back at work and pushing for unfair and unwarranted removal of management personnel, blocking CEO selection made by the Board, instructing Management to hold referendum for Union reinstatement, obstructing Pakistan Steel’s retrenchment petition in Sindh Labour court to outright telling management to reinstate people who were terminated following due process and in line with organization’s needs and current financial situation. This is all when efforts were being made to reduce losses and revive the mills.

“It seems political forces are still wanting to pursue this wrong approach in 2023, while the whole world has moved on and developed, we are still spending energy on these meaningless activities that are against the national interest,” the sources added.

An insider said that political forces should support the meaningful reforms of Pakistan Steel to reduce its losses and fully back its revival plans as this approach will lead to the mills working again, creation of better jobs that are sustainable at a corporation that is viable and contributing its due share to Pakistan’s development.

“A major political component of the present federal government based in Rural Sindh has been pressuring the relevant officials of Ministry of Industries and Production, PSM management and its Board to conduct the Referendum of Trade Unions to determine CBA of the PSM and to withdraw the writ petition filed by Pakistan Steel Mills Versus NIRC,” said one of the insiders.

The Privatisation Commission which has been assigned responsivity to complete privatisation process is also going slow as PC is also headed by a minister who belongs to PPP which is anti privatisation.

The sources said, PPP Ministers in the federal government held several secret meetings aimed at going slow on PSM revival/privatisation plan.

Copyright Business Recorder, 2023

Comments

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Tulukan Mairandi May 09, 2023 07:36am
What salaries does PSM, a non-operational company, pay their workforce, and for what? It makes no sense like the creation of Pakistan.
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rao adil ur rehman May 09, 2023 12:01pm
Mushtaq Ghumman shab AP ka article parha or afsos hua k ap jese generalist ne aisi tehreer likhi jo k haqeeqat k barkhilaf hay or employee per kiye gay zulm k fever main ap management k alahkar ban gai jab k ap ko aisa nahi karna chaiye tha ap ko research karni chaiye thi k pakistan k khilaf pakistan steel ki privatization hay ya es ka revaival hay.... ap k pas information ki kami ho sakti hay per ap k Atticle se ap ki subki ho ge. ap kahen gay tu ap ko tamam saboot ya woh vedios ap ko behj diye jayen gay jo ap k nazarye or ap ko sochne per majbor kardaen gay k pakistan Steel ka chalna Pakistan k qaumi mufaad main hay ya es ka privatize hona .... Rao Adil-ur-Rehman Cont:0334-3697794 United Worker Front (MQM PAKISTAN)
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kamran Khan May 09, 2023 02:50pm
Respected Sir, maray khayal ma agar Artical lakhnay sa pehly thori detail la latay to achi bat hoti. Chalo koi ni, ab ma ap koed ho batao k PSM ka revival ni ho raha sirf or sirf is ko privatize kia ja raha hy. ap ko pata hy jo employees retrenched ho chukay hain un ko 2011 ka pay scales pa retrenched kia gaya hy. agar PSm non operational howi hy to kisi ko pata hy k kis waja sa howi hy. 2015 ma jb PSm ki production 60% above ho ge thi to SSGC na gas pressure kam kar dia jis ki waja sa production khatam howi hy. Kisi na aj tk Pocha hy SSGC sa k Ya national interest hy k SSGC gas presurr kam kar dia. PSM employee b chatay hain k ais ko dobara chalna chaya lkn bases to koi bataya na. 19000 acres land hy jis ma sa aik new company bana di ge hy M/s Steel Corp Pvt Ltd ka name sa jo abi sirf paper company hy. or ais ko 1229 acres jaga di ge hy. baqi land ka kuch be decide ni kia gaya abi tak.
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Aamir Latif May 09, 2023 03:09pm
Just close it, GoP should be very clear to wind up.. Why need union in closed factory.. Those politicians seeking fraudulent political revival should be given shut up call.. Enough is enough to let this bleeder continue. Privitise it and close the chapter of PSM to be operated by GoP.
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