ISLAMABAD: The Senate Standing Committee on Industry and Production was apprised on Friday that persistent thefts have significantly hampered the operational capabilities of Pakistan Steel Mills (PSM), exacerbating its financial challenges.
During the committee session addressing the issues confronting PSM, Arif Shaikh, the acting Chief Financial Officer (CFO) of PSM, acknowledged a distressing surge in theft incidents within the Steel Mill, resulting in substantial financial losses to the state-owned entity.
Officials revealed that since 2021, thefts have escalated, causing a loss of approximately Rs18 million, with recoveries amounting to Rs4.9 million.
Mr. Shaikh emphasized that the theft of machinery and assets has considerably impacted both the operational capabilities and financial stability of PSM. Concurrently, he also announced a 25 % increase in the temporary relief allowance for existing PSM employees, effective from September 2023.
Committee Chairperson Senator Khalida Ateeb inquired about the correlation between decreased workforce and the rise in theft incidents. The acting CFO attributed the increase in thefts to the reduced workforce, highlighting that the drastic reduction in employees, from over 9,000 to 3,000, has created a deserted environment in PSM, escalating security vulnerabilities.
Expressing dismay, Senator Khalida Ateeb criticized the Ministry of Industries and Production for not filling the CEO vacancy at PSM for the past four months. The committee decided to hold a separate meeting with the caretaker Minister for Industry and Production and the Secretary Industries on this matter.
The committee adjourned Pakistan Steel Mill-related matters for two weeks due to the absence of the minister and the secretary from the meeting. Additionally, the committee decided that the next meeting over PSM will encompass a comprehensive briefing on theft prevention strategies, the future outlook for the mill, safeguarding employee welfare, protecting assets, and immediate plans for the revival of production.
The PSM was shut down in 2015 under the PML-N led government due to rising financial burdens and substantial outstanding dues to the power sector.
In January 2020, the PTI led government decided to place PSM under the privatization commission, aiming to divest it from state ownership. However, in October of the same year, the federal cabinet removed the steel mills from the government’s privatization list after failing to attract any buyers.
Out of the current 26 entities offered for privatization, only three, including the Heavy Electrical Complex (HEC), Sindh Engineering Limited (SEL), and Pakistan Engineering Company (PECO), belong to the industrial sector.
The meeting also addressed crucial financial matters, discussing outstanding and overdue payments to be made by the National Fertilizers Marketing Limited and Utility Stores Corporation of Pakistan to the Trading Corporation of Pakistan. The committee recommended relieving excess employees to alleviate the burden on institutions, aligning with operational requirements.
In line with the committee’s deliberations, proactive measures are being considered to ensure timely payments and prudent human resource management within these key institutions, focusing on their sustained growth and stability.
The committee was attended by Senator Saifullah Sarwar Khan Nyazee, Senator Ata ur Rehman, Senator Fida Muhammad, and Senator Abdul Qadir.
I urge you to contact a professional hacker if you are a victim of a scam. I lost a huge sum of money to a crypto scammer who lured me to invest in what I later found out to be a scam, but the good news is that HACKWEST AT WRITEME DOT COM recovered all the money back to my blockchain wallet. The fraudster stole about $468k in USDT, BTC, Ethereum and Sol. I strongly recommend West and his team if you’re a victim of crypto scam.