Federal minister for Production Anwar Ali Cheema has proposed to sell Pakistan Steel Mills as it is impossible to run it.
Addressing a press conference in Islamabad, he said that the report of irregularities in Pakistan Steel Mill has been sent to the government and 50% cut in Mills’ workers is proposed.
He said that Pakistan Steel has pleaded for a bailout package of Rs10b; however, the government agrred to issue Rs2b. Cheema said that subordinate institutions of Pakistan Industrial Development are being audited and an embezzlement of Rs530m is exposed. The cases of irregularities in subordinate institutions of Corporation have been sent to FIA, he said.
He further informed that three people were named for Steel Mills board of directors but I did not agree on anyone of them.
Minister proposes Pakistan Steel’s sale
