Pakistan Steel Mills (PSM) announced the termination of 562 daily wage workers on Wednesday, marking the end of their employment contracts. According to a notification from the In-charge Manager of Administration & Personnel, the contracts have expired, and there are no plans for re-employment of these workers.
The official statement confirmed that all daily wage employees have been let go as their contracts concluded. This decision follows a period of speculation regarding the future of PSM, one of Pakistan’s largest state-owned enterprises. The termination affects a substantial portion of the workforce and raises questions about the ongoing operations at PSM.
In a notable policy shift, the caretaker government in December 2023 decided to remove PSM from the list of state-owned entities slated for privatization. This decision seen as a move to retain control over the struggling steel giant. However, the financial viability of PSM continues to be a topic of debate among government officials and industry experts.
During the launch of the Economic Survey 2023-24, Finance Minister Muhammad Aurangzeb painted a grim picture of PSM’s future. He unequivocally stated that there is a “zero percent” chance of the mill’s revival, suggesting that its only feasible outcome might be to sell it off as scrap. Aurangzeb’s remarks highlight the severe challenges facing PSM, once a cornerstone of Pakistan’s industrial landscape.
Aurangzeb discussed selling the mill for Re1 to ease government costs. He criticized PSM’s gas supply as insufficient. These points underline the mill’s complex problems.
 announced the termination of 562 daily wage workers on Wednesday, marking the end of their employment contracts. According to a notification from the In-charge Manager of Administration & Personnel, the contracts have expired, and there are no plans for re-employment of these workers.){kind=link}