Why Pakistan Steel Mills loses millions of rupees each day
Published on: July 4, 2018
To privatise or not to privatise – that is the persistent question for the Pakistan Steel Mills. Every few years, and often few months, the issue of the privatisation of steel mills is raised, while it continues to cause losses to the national exchequer.
The Pakistan Steel Mills were established by Russian support and inaugurated in January 1985, but by the early 90s its performance had started to decline. By 1999- 2000, the total loss accumulated had rises to Rs9.3 billion. Estimates from July 2018 suggest that the steel mills losses have now swelled to Rs200 billion.
Located in the suburbs of Karachi, this company continues to be a very controversial and political subject.
Watch this VCast Online video for a brief timeline on how the Pakistan Steel Mills got here and why it loses millions of rupees each day. Subscribe to our YouTube channel for more videos on Pakistan’s state-owned enterprises.
This story was originally published on Facebook on June 11, 3018