ISLAMABAD: The Supreme Court (SC) on Tuesday directed the Privatisation Commission (PC) to submit plan regarding privatization of Pakistan Steel Mill (PSM).
The court also appointed senior lawyer Rashid A Rizvi as a mediator for settlement between employees and mill management. The court therein directed Rizvi to submit a report after meeting with the mill employees and management.
While hearing the case at the apex court related to the promotion of PSM employees, Chief Justice of Pakistan (CJP) Gulzar Ahmed remarked that Karachi Shipyard, Heavy Mechanical Complex, and Steel Mills were non-functional, while the employees would “sell all the remains of the mills and retire”.
The CJP remarked that the steel mill was getting electricity, water, salaries and everything but the mill was closed.
Federal Ministers Asad Umar and Muhammad Mian Soomro also appeared before the bench.
During the course of proceedings, Justice Mazahar Ali Naqvi said that if private steel mills were profitable then what was the problem of PSM.
Soomro said that the bidding would take place in September or October, with the mills’ assets worth $100 million.
Moreover, Federal Minister for Planning and Development Asad Umar said that the steel mills’ ownership would remain with the government.
The counsel for the employees said that administration was responsible for the closure of the mill.
Shahid Bajwa, counsel for PSM, said that the steel mill needs only 40 officers. According to Chinese experts, Rs500 million were required to run the steel mill, he added.
The court summoned secretaries of Privatisation and Industries to appear before the court during the next hearing scheduled for two weeks from today.
