Wednesday, 02 Nov 2011
The Express Tribune reported that Pakistan’s Federal Production Minister Mr Anwar Ali Cheema has proposed to the government to privatise Pakistan Steel Mills, describing it as a sick unit whose losses are getting out of control.
He said “As the government is unable to operate the steel mill due to unbearable financial burden, it is better to privatize it.”
He said the steel mill had sought a PKR 10 billion bailout package but the production ministry recommended only PKR 2 billion to ease the industrial giant’s financial woes.
He said that “The mill has 21,000 employees, of which 50% are a burden on the government and that the ministry had asked the government to cut half of the workforce.”
(Sourced from The Express Tribune)
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