Target Killing of Pakistan Steel Mills
Pakistan Steel Mill was the vision of the first Prime Minister of Pakistan Mr. Liaqat Ali Khan to achieve the goal of progressive industrialization in the country.
On 02 December, 2016 the Finance Minister Ishaq Dar directed Pakistan Steel Mills' (PSM) management to partly settle its domestic liabilities by selling the inventory while also seeking a government-owned bank's support to settle payments to foreign creditors during a meeting held in Islamabad. The meeting was called to settle administrative issues between the Privatisation Commission (PC) and PSM. There was an allegation against the PSM management was that it provided inaccurate figures to the ECC. However, instead of addressing these issues, the meeting primarily focused on settling the dues of big firms.
It would be appropriate to know that the PSM is the country's largest industrial unit which has been playing its role in the economic development of Pakistan for decades. However, it been closed for the last one and a half year due to non-payment of Rs18 billion in outstanding bills of Sui Southern Gas Company (SSGC). Against the directives of the Economic Coordination Committee's (ECC), the PSM gave its 157 acres land on lease to the Port Qasim Authority for using as a coal dump yard. Earlier, the ECC had directed that the money should be used only for paying three-month salaries to the PSM employees. But the PSM paid salaries for two and a half months and used the rest of the money for other purposes.