KARACHI: Pakistan is facing a loss of $18 billion due to the closure of Pakistan Steel Mills as in 16 years, the heavy losses of the steel mills further increased.
According to the details, due to the closure of steel mills, Pakistan lost 18 billion dollars in foreign exchange. Private TV said in its report that the government has spent Rs65 billion on steel mills since 2015, which was spent on fuel, salaries, and maintenance of miscellaneous assets.
During the last financial year, the loss of steel mills was 228 billion and the debt was recorded at Rs386 billion, while the privatization of steel mills stopped in the current government. FIA and NAB are continuing the investigation into the corruption of Rs284 billion. The total asset value of steel mills is 839 billion.
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According to the report, the assets of Steel Mills include thousands of houses, 19000 acres of land, and other items. The value of the land is around Rs751 billion. 5,282 employees were fired. Monthly salaries reduced to Rs 25 crore. Still, there are 3,207 employees in different types of steel mills.
Earlier, due to the loss of steel mills, the country’s foreign exchange has been spending a lot of money. In 2007, steel mills were giving 11 billion rupees in profit to Pakistan. So far, there are no signs of recovery of the steel mills, nor has there been any indication of completion of the process of privatization of the steel mills.
