Karachi: The Senate Standing Committee on Industries and Production, chaired by Senator Aon Abbas, visited the Pakistan Steel Mills Karachi. The committee reviewed the organization's existing challenges of debts, delayed payments and expenditure, and heard concerns of employees unions.The committee, headed by Senator Aon Abass and members comprising Senator Syed Masroor Ahsan, Senator Khalida Ateeb, and Senator Husna Bano held discussion with Steel Mills Chairman and officials regarding key issues being faced by PSM.During the briefing, Chairman PSM Mr. Asad Islam Mahni told the committee that PSM had a cumulative loss of 600 billions till 2024 and the institution pays 20 Billions interest annually on the existing debt. He also briefed the committee that PSM owes 89 Billions to the National Bank of Pakistan as most of the loan is being provided by NBP for expenditure including salaries of it's 934 current employees.Moreover, the committee was informed by PSM officials that two plans are being simultane ously considered by Government, one of them is to seek revival of the PSM through Russian Industrial Engineering LLC which will use Arch Furnace and Blast Furnace to revive the Mill while the other plan seeks to liquidate the PSM after hiring the evaluating firm.The committee also met with the worker union representatives, who apprised the committee about the hardships of retrenched and current employees of the PSM.The Senate Standing Committee appreciated the efforts of current management to reduce the expenditure of the PSM. However, the committee showed displeasure over frequent thefts in the PSM and directed the authorities to evaluate the losses due to theft. Moreover, it also suggested to speed up the process of liquidating moveable assets being no longer in working condition or have aged their life.The committee was told about arbitrary allotment of PSM land by Government of Sindh in past few years, the committee expressed reservations on allotment of PSM's undisputed and entitled land of 1370 ac res and 400 Acres to the Goths by Government of Sindh and desired that such allotment cases should be referred to the CCI.The committee toured different plants of Pakistan Steel Mills and suggested that Government should speed up the fate of Steel Mills.