![]() ![]() ![]() At one stage during its lifetime, the PSM had 30,000 employees which has now been reduced to an estimated 9,000 employees out of which many employees had retired. ![]() In November 2020, Pakistan Steel Mills sacked 4,544 employees, including divisional and assistant managers, due to its cost reduction exercise. In June 2020, the Government of Pakistan decided to lay off 9,350 employees of Pakistan Steel Mills. One of the key reasons for PSM's downfall is widespread corruption after 2008 in management and CBA leaders, political recruitments, awarding of promotions and major posts on the basis of favoritism. Since then, its operational plant capacity has reached 30%–50 % after seeking the government's financial assistance. Finally, the steel mills was brought back to government ownership and management under an inverse counter-measure Nationalization Programme of Prime Minister Yousaf Raza Gillani. ![]() 12 billion to prevent its closure the bailout plan was dismissed by the Government of Pakistan. In spite of its enormous size and expansion, only 18% of the corporation's capacity was in use, which prompted the PSMC to request a bailout plan of ₨. However, these efforts were thwarted by the Supreme Court in Islamabad. Ī controversial attempt was made to privatize the steel mills to global private ownership under the counter-measure Privatization Programme of Prime Minister Shaukat Aziz. Built with extensive contributions from the Soviet Union in the 1970s, it is among the largest industrial mega-corporation complexes, vastly expanded in an enormous dimension with construction inputs involving the use of 1.29 million cubic meters of concrete and 5.70 million cubic meters of earthworks, as well as containing approximately 330,000 tonnes of heavy machinery, steel structures and electrical equipment. Headquartered in Karachi, Sindh, the PSMC is currently the largest industrial mega-corporation in Pakistan, having a production capacity of 1.1–5.0 million tonnes of steel and iron foundries. The Pakistan Steel Mills Corporation, colloquially referred to as Pak Steels, is a Pakistan-based company that produces long-rolled steel and heavy metal products in the country. ![]()
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