The Senate Standing Committee on Industry and Production Friday discussed multiple options to address the financial challenges of Pakistan Steel Mill.
The meeting, chaired by Senator Khalida Ateeb, was held at the Parliament House to deliberate on critical issues concerning the industrial sector of the country.
During the meeting, the committee received a comprehensive update on the progress regarding the previous recommendations concerning Pakistan Steel Mill, National Fertilizer Corporation, and Pakistan Industrial Technical Assistance Center.
The Chief Financial Officer of Pakistan Steel Mill highlighted a 25% increase in the temporary relief allowance for employees, effective since September 2023, initially emphasizing its one-year duration.
Of profound concern for the committee was the alarming surge in theft incidents within Pakistan Steel Mill, resulting in substantial financial losses. Officials revealed that since 2021, thefts have escalated, causing a loss of approximately 18 million rupees, with recoveries amounting to 4.9 million rupees.
The theft of machinery and assets has significantly impacted the operations and stability of Pakistan Steel Mill.
Dilating on the issue, the committee discussed the correlation between decreased workforce and the rise in theft incidents. The CFO of Pakistan Steel Mill attributed the increase in thefts to the decreased workforce, highlighting a drastic reduction in employees from over 9,000 to a deserted environment, thereby escalating security vulnerabilities.—APP
