By Abdul Ghani
The government has taken an important step to revive Pakistan’s largest industrial company by releasing Rs1.36 billion to pay off long-overdue dues for retired employees of Pakistan Steel Mills (PSM).
According to documents seen by this reporter, the money will cover payments for gratuity, provident fund, and leave encashment for these employees.
The payments are expected to be completed this month, bringing much-needed financial relief to hundreds of retired workers.
Current Employees and Restructuring Efforts
Currently, 899 employees are still on PSM’s payroll, with their salaries being funded by government loans.
These loans are keeping the company running and helping maintain its basic functions while a plan to restructure the mills continues.
Anti-Theft Drive and Land Recovery Operations
To protect the mills, the management has stepped up efforts to stop theft. So far, they have registered 26 FIRs and made several arrests linked to stolen copper and other materials.
The stolen items will be sold in auctions to help raise money and reduce the company’s losses.
PSM has also managed to recover 20 acres of land that had been illegally occupied. In partnership with the local authorities, the company plans to take back another 38 acres.
These lands will be used again for industrial purposes as part of a larger plan to restore the country’s state-run industries.
Future Prospects and Industrial Revival Plans
Although production at Pakistan Steel Mills has been shut down since 2015, the government’s focus on settling employee dues, recovering land, and fixing financial problems is seen as a key step toward restarting the mills in the future.
Over the years, different governments have tried various ideas to bring PSM back to life, including partnerships with private companies and restructuring efforts.
The government hopes this renewed attention will eventually help revive the mills’ operations.
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