Pakistan Steel Mills terminates 562 daily wage workers

Pakistan Steel Mills (PSM) has recently made a significant decision to terminate the contracts of 562 daily wage workers, marking the end of their employment with the state-owned enterprise. This move has sparked concerns about the operational continuity of PSM, a key player in Pakistan's industrial landscape.

The decision to let go of a large number of employees comes at a critical juncture for PSM. Despite being excluded from the list of state-owned entities set for privatization in December 2023, the future of the steel mill remains uncertain. The conflicting opinions from government officials and industry experts add to the complexity of the situation.

Finance Minister Muhammad Aurangzeb, while presenting the Economic Survey 2023-24, painted a grim picture of PSM's prospects. He highlighted the slim chances of revival and suggested that selling the mill as scrap might be the most practical solution. Aurangzeb also pointed out the challenges posed by inadequate gas supply to PSM, underscoring the various issues plaguing the once-thriving industrial giant.

The termination of contracts for 562 workers at Pakistan Steel Mills reflects the turbulent times facing the state-owned enterprise. With uncertainties surrounding its future and challenges in operations, PSM stands at a crossroads. The government's decision to exclude PSM from privatization efforts raises questions about the sustainability of the steel mill. As stakeholders navigate these complexities, the fate of PSM remains a topic of intense debate and scrutiny.