Govt decides to privatize Pakistan Steel Mills: Hammad Azhar

News Image

MG News | June 05, 2020 at 09:54 AM GMT+05:00

0:00

June 5, 2020: Minister for Industries and Production Hamad Azhar has said the government has decided to privatize Pakistan Steel Mills in order to revive and steer it out of losses.

Addressing a news conference in Islamabad yesterday, he said fifteen parties have shown their interest in Pakistan Steel Mills. 

He clarified that only the core Steel Mills operations will be privatized.

Hammad Azhar said that about nine thousand employees of Pakistan Steel Mills will be relieved in two phases after payment of their retirement dues and one-month salary. An amount of twenty billion rupees will be spent on this package. On average, each employee will get 2.3 million rupees. 

He said this proposal will now be forwarded to the cabinet for approval.

The Minister expressed his dismay over political point-scoring by the opposition parties on the matter. He reminded that it was in their regime that Pakistan Steel Mills became a loss-making entity and then was shut.

He regretted that no effort was made by the previous governments to revive the organization rather its loan surpassed two hundred billion rupees.

Radio Pakistan

Related News

Name Price/Vol %Chg/NChg
KSE100 134,299.77
290.06M
0.39%
517.42
ALLSHR 84,018.16
764.12M
0.48%
402.35
KSE30 40,814.29
132.59M
0.33%
132.52
KMI30 192,589.16
116.24M
0.49%
948.28
KMIALLSHR 56,072.25
387.69M
0.32%
180.74
BKTi 36,971.75
19.46M
-0.05%
-16.94
OGTi 28,240.28
6.19M
0.21%
58.78
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,140.00 119,450.00
115,635.00
4270.00
3.75%
BRENT CRUDE 70.63 70.71
68.55
1.99
2.90%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.75 68.77
66.50
2.18
3.27%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

Chart of the Day


Latest News
July 11, 2025 at 10:56 PM GMT+05:00

Gold price in Pakistan rises Rs2,300 per tola


July 11, 2025 at 05:49 PM GMT+05:00

PKR gains 10 paisa per USD


July 11, 2025 at 05:41 PM GMT+05:00

PSX Closing Bell: Bulls Serenade The Bourse


July 11, 2025 at 05:06 PM GMT+05:00

UBL doubles profit to Rs65bn in 1HCY25


July 11, 2025 at 04:19 PM GMT+05:00

Ideal Spinning Mills to exit spinning business



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg