The Senate was informed on Wednesday that losses of Pakistan Steel Mills (PSM) are increasing with each passing day and reached Rs 21 billion in the recently concluded financial year.
"Pakistan Steel Mills is giving a worst performance for which we ashamed", said Minister of State for Production Khawaja Sheraz Mahmood while responding to a question in the House during question hour. He said that PSM needs Rs 20 billion urgently to meet its losses which the government does not have in its treasury.
He also told the House that various steps have been taken including fixing responsibilities and registering FIRs against those officials of the PSM who turned the profit earning entity into a loss making institution.
He said that a competent person namely General Javed (retd) has been appointed as its CEO.
To a question by Haji Adeel, the minister said that Supreme Court had timely intervened to reverse the privatisation deal of the PSM earlier during Musharraf era. "I think the apex court timely intervened and reversed the deal which aimed at selling the national assets at throwaway prices", the minister said while opposing his previous PML-Q government decision to sell the PSM at Rs 21 billion. This is our national asset which earned net profit of Rs100 billion in seven years, he added.
To another question, he informed the house that 167 public units have been privatised wholly or partially since inception of privatisation programme in 1991.
To another question, he said there is no proposal under consideration to lift ban on import of recondition vehicles. Asked about the steps taken by the government to stabilise the price of sugar‚ he said the government has built sugar stock of over 3,75,000 tons through TCP as buffer stocks. A further 200,000 tons is under procurement, he added. He said to stabilise the price of sugar; the government has allowed its import without duty.