Federal Minister for Industries and Production Hamad Azhar has said that Pakistan has decided to lease out the steel mills. He said that the steel mills have debts of more than Rs 230 billion and a loss of Rs 15 to 20 billion is being incurred annually. Sindh government is also invited to participate in the bidding.
Federal Minister Hammad Azhar while addressing a press conference said that there is a painful story of steel mills. He said that till 2008 the steel accused was in profit, PPP came and brought the mill to the brink of disaster, and then in 2015 PML-N closed it.
Hamad Azhar said that five and a half years have passed since the closure of the steel mills but the salaries of the employees of a closed mill of about Rs 35 billion and the dues of more than Rs 20 billion have been paid to the retired employees. He said that the mills have debts of Rs 230 billion and about Rs, 200 billion has been lost.
The Federal Minister said that 4500 employees have been laid off while 95% of the total 9500 employees will be laid off. He said that our decision will be politicized but politics will also be done by those who are responsible for closing it and bringing it to the brink of harm. During his tenure, it was said that steel mills would be given free to PIA buyers.
He further said that Steel Mills has 9,000 acres of land out of which it has been decided to lease out 12,000 acres along with the plant. He said that the decision to recruit in government agencies has failed all over the world.
On the other hand, 4500 employees fired from steel mills have started receiving dismissal letters. Employees of Steel Mills protested on Karachi National Highway against the dismissal decision.
