Tag: Psm
‘Pakistan, a nuclear power that can’t operate a small steel mill?’
Pakistan Steel Mills is for sale but the government cannot find a buyer as it struggles to get privatisations back on track after a series of setbacks. A glance at PSM's finances may explain why. The company has $3.5 billion in debt and accumulated losses, loses $5 million a week and has not produced steel at its 19,000-acre facility since June last year. That was when the national gas company cut power supplies, demanding payment of bills of over $340 million.
Govt assures IMF of privatising state entities this year
The Pakistani government on Wednesday assured the International Monetary Fund (IMF) of privatisation of Pakistan Steel Mills (PSM), Pakistan International Airlines (PIA) and State...
Privatisation: Sindh seeks details of Steel Mills’ assets
The Sindh government, at long last, is making some movement regarding the privatisation of Pakistan Steel Mills, but it has made it clear that...
PSM claims to achieve target
Pakistan Steel is commencing higher production of its quality brands in accordance with the targets laid down by the ministry of industries and production,...
NAB approves 2 references in PSM, one in PR corruption cases
The Executive Board Meeting of the National Accountability Bureau (NAB) on Thursday approved three references in Pakistan Steel Mills (PSM) case and one in...
NA adopts five resolutions unanimously
The National Assembly on Tuesday unanimously adopted five resolutions stressing the government to ensure the elimination of terrorism, abolishing of the system of mark...
No suggestion in question to privatise PSM
Industries Minister Ghulam Murtaza Khan Jatoi on Thursday informed the Upper House of parliament that there is no suggestion under consideration to privatize the...
PSM may shut down if govt fails to release funds
The Ministry for Industries and Production on Thursday said that if the government failed to provide funds to the Pakistan Steel Mill (PSM) by...
Suggestions sent for PSM privatisation!
The ministry of industries has sent recommendation to the ministry of finance for privatization of Pakistan Steel Mills (PSM). Media reports said the ministry...
Russia to provide $1b to PSM: BOI chairman
Sergey Abutidze, Deputy General Director for Development, JSC TECHNOPROMEXPORT Russia called on Chairman BOI, Mohammad Zubair and discussed the Projects of Conversion to Coal...
Rs 20 billion bailout package sought for PSM
The Industries and Production Ministry has prepared a summary to bailout Pakistan Steel Mills (PSM) with a package of Rs20 billion. The summary would...
PSM weeds out 680m in cheques for power restoration to KESC
After successful talks with the Karachi Electric Supply Company (KESC), the Pakistan Steel Mills Chief Executive Officer (CEO) Saadat Cheema managed to restore 132...
PSM gives Rs680mn cheques to KESC
After successful talks with the Karachi Electric Supply Company (KESC), Pakistan Steel Mills (PSM) Chief Executive Officer (CEO) Saadat Cheema has managed to restore...
Raw material shortage could force PSM closure, officials warn
Officials at the Pakistan Steel Mills (PSM) have warned that the Rs 80 billion state-owned steel giant could be completely shut down by next...
Power-less PSM has only Rs150m to pay to KESC
Pakistan Steel Mills (PSM) on Thursday expressed its willingness to immediately pay Rs 150 million to the Karachi Electric Supply Company (KESC).
The announcement came...
Govt set to sell off PSO, PSM, other entities
The government is set to sell off public sector companies to improve their performance.
Board of Investment Chairman Muhammad Zubair revealed this to journalists during...
KESC, PSM at loggerheads over Rs 930m owed in utility bills
The Karachi Electric Supply Company (KESC) on Wednesday disconnected power supply to the Pakistan Steel Mills (PSM).
The two organisations have locked horns over Rs...
