Karachi: PSMC Stake Holders Group has written letter to Federal Minister, Board on Investment, Government of Pakistan, Muhammad Qaiser Ahmed Sheikh and Federal Secretary Special investment facilitation Council (SIFC), Prime Minister Secretariat Jameel Ahmed Qureshi while expressing reservation on allocation of PSM land to SIFC for establishment of SEZ without due diligence and has requested for meeting to avoid repetition of blunders.
The letter has been written by Convener PSMC Stake Holders Group Mumrez Khan. It has been written in the letter that it is learnt that Pakistan Steel Mills (PSM) land had been designated to SIFAC for establishment of SEZ, but deciding the future of the Mills and without Due Diligence. Reportedly, there are multiple proposals are under considerations like:-
i) The Ministry of Maritime is working on 'Sea to Steel'.
ii) The Ministry of Industries is working on 'Revival of PSM'
iii) The Ministry of Finance 'Austerity Measure Committee' approved the 'Liquidation of PSM and its subsidiary PSFCL and designated its land for establishment of SEZ'.
iv) .The Ministry of Board of Investment (BOI) is working to attract the local / foreign investors without monitoring the performance of previously established EPZ and SEZ.
It appeared to lack government departments coordination in deciding the 'Future of PSM' is its 'Revival' or 'Liquidation' without due diligence. We, being responsible stakeholders would like to inform our 'Reservation on Allocation of PSM Land to SIFC for Establishment of SEZ without Due Diligence is Leading to Further Financial Disaster - Request for Meeting to Avoid Repetition of Blunders"
The PSMC Stake Holder Group addressed a letter No.PSMCSH2018/2026/5/01 dated 6th may 2026. On the subject of What is the Future of PSM 'Liquidation without Due Diligence' or 'Revival?' but it remains unnoticed as of yet. The PSM Board of Directors (BOD) did not appoint a permanent CEO, CFO, PEOs, Internal Auditor to complete the management structure according to SOE's act 2023 in a period of more than 22 months. The INSAF LABOUR UNION (CBA) Pakistan Steel mills letter No: ILU/2026/01 dated 20 April 2026 was addressed to the chairman board of directors also remained unnoticed. The Insaf labour union (CB) PSM address a letter i.e ILU/2026/5/02 dated 7th May 2026 to Chief Executive Officer (CEO) and Chairman Board of Directors, the subject was to resolve the problems faced by the victimised employees, residence of steel town/ Gulshan-e-hadeed for maintainability of industrial peace, also remained unnoticed.
It has been written in the letter that the PSM was a profit earning organisation up-to June 2008 and deliberately destroyed by the appointees of MOIP/Successive governments cost to PSM negatively allegedly PKR 800 billion plus theft of precious materials and land grabbing. Besides this the additional import bill for Iron and Steel cost the country more than 20 billion USD which upset the country's
balance of payment. The alleged accused beneficiary and their counterpart facilitators remained unaccountable despite Supreme court observation in CP9/2006 and observation by Supreme court order in sou moto corruption case SMC 15 2009 direction to NAB on May 16th 2012.
It has been written in the letter that the PSM audited accounts data up-to 30-6-2023 authenticity is doubtful till the reconciliation of accounts with all the creditors/debtors and verification of store inventories/ land record and its subsidiaries PSFCL, SMC Lahore, and Dalbadin site inventories accounts. The PSM financial accounts data n(provisional norn audited from Julyn2023n ton2026 is not available. The information submitted to the Parliamentary Committee is far from the facts.
It has been written in the letter that the PSM technical and trained human resources have been depleted on account of superannuation and illegal retrenchment. The precious materials incidences are rising day by day. The management structure is nonexistent and BOD is playing the role of silent spectators. We request for monitoring the performance of BOD to adapt management for authenticity of the financial account data and information required for sentiment of liability and revival of the mills. We will invite your attention towards the illegal retrenchment of PSM employees as a misuse of the name of the Supreme Court . Request for verification to set the record straight.
It has been written in the letter that the PSM revival road map adapted by the MOIP/SIFC/ government without appointing the professional management, reconstitution of the knowledgeable BOD and appointment of a tecno-commercial consultant is leading to further financial disasters. We are available any clarification required against the false narrative against PSM and its trained human resource.