The PSMC (Pakistan Steel Mills Corporation) Stakeholders’ Group has questioned the future of Pakistan Steel Mills (PSM), expressing concerns over what it described as a lack of clarity regarding the state-owned enterprise’s revival or liquidation. Mamraiz Khan, the group’s Convener told Daily Times, that in a letter addressed to Pakistan Steel Mills Chairman Saifullah Chatha and Chief Executive Officer (Additional Charge) Joudat Ayaz, he has stated that the reconstituted Board of Directors has not completed the company’s management structure despite being in place for 19 months.
He said that key positions, including chief executive officer, chief financial officer, principal executive officers, internal auditor and a permanent corporate secretary, have not been filled on a regular basis in accordance with the State-Owned Enterprises Act 2023. He also referred to a letter submitted by the Insaf Labour Union in April this year, alleging that it has not received a response from the management.
Mamraiz Khan expressed concern over the depletion of technical human resources due to retirements and retrenchments and said uncertainty persisted regarding the government’s plans for the steel mill. According to the letter, Pakistan Steel Mills’ accumulated losses and liabilities have exceeded PKR 800 billion by April 2026, while financial losses were continuing due to the prevailing situation.
The group maintained that the steel mill could be revived through the utilisation of locally trained human resources and urged the government to take timely decisions in the interest of economic growth and industrial stability. The stakeholders also requested a meeting with the management to discuss issues faced by former employees and residents of Steel Town and Gulshan-e-Hadeed, and to present proposals for the revival of the country’s largest integrated steel plant.