Karachi: The PSMC Stakeholders Group has urged the Senate Standing Committee on Industries and Production to review the performance of Pakistan Steel Mills' (PSM) management and Board of Directors and investigate the factors behind the prolonged closure and financial losses of the state-owned entity.

In a letter to the committee, the group alleged that PSM had suffered losses of over Rs800 billion between 2006 and 2026 and called for an investigation into administrative and financial irregularities and fixation of responsibility.

The group also raised concerns over the reported allocation of 6,800 acres of PSM land for a Special Economic Zone and urged the committee to examine the matter in light of the Supreme Court's decisions concerning PSM assets.

The stakeholders called for updated production and workforce data, protection of PSM's assets, resolution of employees' and contractors' issues, and the appointment of a professionally qualified Board and management for revival of the mill.

The letter has been written by Convener, PSMC Stakeholders Group Mumrez Khan to Convener Sub-Committee, Senate Standing Committee, Ministry of Industries and Production Syed Masroor Ahsan and Secretary Senate Standing Committee Muhammad Abubakar Siddique.