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Print Print 2015-10-08

Partly Facetious: Private sector not interested in PSM

"So what's up with the Pakistan Steel Mills (PSM)?"
Published October 8, 2015

"So what's up with the Pakistan Steel Mills (PSM)?"
"See that's another example of the similarity in the way the Zardari and the Sharif administrations perform or govern."
"I don't understand."
"Well, during the Zardari years PSM was transformed from a profit-making unit, albeit low profits not reflecting the profits the mills should have been making, and the Sharif administration not only sustained the losses but also guaranteed that the capacity output of the mills came to zero."
"You've got to appreciate that! Zero output at millions of rupees per month cost? I mean this is not easy..."
"Don't be facetious; anyway, in his infinite wisdom, and need I add the fox in the pack is Ishar Dar, anyway he offered the mills to Sindh government to take over and..."
"Fox stands for cleverness not wisdom."
"Sorry, so which animal stands for wisdom?"
"I thought an owl stands for wisdom."
"OK, so Dar the owl announced the government decision to hand over the mills to the party that the PML-N accused of gross irregularities and gross corruption and..."
"Ah yes, but you know the private sector has not shown an interest in purchasing the mills though why I can't understand. I mean the land owned by the mills is very, very valuable and so the owner can sell the mills as scrap and sell the land piece-by-piece and make billions nay trillions and..."
"The problem with that or so I heard the Sindh Finance Minister saying is that the land is on lease to the federal government so if the federal government sells it to the private party then it may not be able to transfer the lease to the private party."
"Ah I see, so the mills are nothing but a source of headache and..."
"Dar sahib reckons that as the PPP is responsible for over staffing in the Mills so if the party wants to ensure that no one is fired then if it takes over..."
"See that's the problem with owls - they may look wise but they are a creature of the night - no knowledge of day time wisdom."
"And what is day time wisdom?"
"Clarity and long ranging vision my friend even in those who are not owls thought they are certainly foxes."
"That statement is too profound for me, I give up."
"As should we all."

Copyright Business Recorder, 2015

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