Pakistan Steel Mills is a piece of scrap, NA panel told
ISLAMABAD: The National Assembly Standing Committee on Industries and Production was informed on Friday that Pakistan Steel Mills (PSM) is a piece of scrap and its infrastructure is worthless in the current era.
Syed Hafeezuddin, the chairman of the committee, inquired about the future plan of PSM and the total land area of the project.
Briefing about PSM, Industries Secretary Saif Anjum said the Special Investment Facilitation Council (SIFC), headed by Prime Minister Shehbaz Sharif, has already declared PSM as scrap.
The SIFC has noted that it is nearly impossible to revive PSM with the existing infrastructure and outdated technology.
The committee was informed that it has been decided to utilise around 19,000 acres of PSM land for the establishment of special economic zones.
The committee was apprised that two special economic zones spreading over 500 and 700 acres had been established, while around 700 acres of land had been transferred to Sindh province to establish a modern steel mill with the latest technology and infrastructure.
In reply to queries by the committee members, the industries secretary said the ministry had approved gas supply disconnection to PSM on June 30 this year to prevent further burden of around Rs2.5 billion on the national exchequer.
Published in Dawn, July 27th, 2024