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The Pakistan Steel Mills Corporation, colloquially referred to as ''Pak Steels'', is a
Pakistan Pakistan ( ur, ), officially the Islamic Republic of Pakistan ( ur, , label=none), is a country in South Asia. It is the world's fifth-most populous country, with a population of almost 243 million people, and has the world's second-lar ...
-based company that produces long-rolled steel and heavy metal products in the country. Headquartered in
Karachi Karachi (; ur, ; ; ) is the most populous city in Pakistan and 12th most populous city in the world, with a population of over 20 million. It is situated at the southern tip of the country along the Arabian Sea coast. It is the former ...
,
Sindh Sindh (; ; ur, , ; historically romanized as Sind) is one of the four provinces of Pakistan. Located in the southeastern region of the country, Sindh is the third-largest province of Pakistan by land area and the second-largest province ...
, the PSMC is currently the largest industrial mega-corporation in Pakistan, having a production capacity of 1.1–5.0 million tonnes of
steel Steel is an alloy made up of iron with added carbon to improve its strength and fracture resistance compared to other forms of iron. Many other elements may be present or added. Stainless steels that are corrosion- and oxidation-resistant t ...
and
iron Iron () is a chemical element with symbol Fe (from la, ferrum) and atomic number 26. It is a metal that belongs to the first transition series and group 8 of the periodic table. It is, by mass, the most common element on Earth, right in fr ...
foundries. Built with extensive contributions from the
Soviet Union The Soviet Union,. officially the Union of Soviet Socialist Republics. (USSR),. was a transcontinental country that spanned much of Eurasia from 1922 to 1991. A flagship communist state, it was nominally a federal union of fifteen nationa ...
in the 1970s, it is among the largest industrial mega-corporation complexes, vastly expanded in an enormous dimension with construction inputs involving the use of 1.29 million
cubic meter The cubic metre (in Commonwealth English and international spelling as used by the International Bureau of Weights and Measures) or cubic meter (in American English) is the unit of volume in the International System of Units (SI). Its symbol is m ...
s of concrete and 5.70 million cubic meters of
earthworks Earthworks may refer to: Construction *Earthworks (archaeology), human-made constructions that modify the land contour *Earthworks (engineering), civil engineering works created by moving or processing quantities of soil *Earthworks (military), mi ...
, as well as containing approximately 330,000 tonnes of heavy machinery, steel structures and electrical equipment. A controversial attempt was made to privatize the steel mills to global private ownership under the counter-measure Privatization Programme of
Prime Minister A prime minister, premier or chief of cabinet is the head of the cabinet and the leader of the ministers in the executive branch of government, often in a parliamentary or semi-presidential system. Under those systems, a prime minister is n ...
Shaukat Aziz Shaukat Aziz ( ur, ; born 6 March 1949) is a Pakistani former banker and financier who served as 17th prime minister of Pakistan from 28 August 2004 to 15 November 2007, as well as the finance minister of Pakistan from 6 November 1999 to 15 ...
. However, these efforts were thwarted by the
Supreme Court A supreme court is the highest court within the hierarchy of courts in most legal jurisdictions. Other descriptions for such courts include court of last resort, apex court, and high (or final) court of appeal. Broadly speaking, the decisions of ...
in
Islamabad Islamabad (; ur, , ) is the capital city of Pakistan. It is the country's ninth-most populous city, with a population of over 1.2 million people, and is federally administered by the Pakistani government as part of the Islamabad Capital T ...
. In spite of its enormous size and expansion, only 18% of the corporation's capacity was in use, which prompted the PSMC to request a bailout plan of ₨. 12 billion to prevent its closure; the bailout plan was dismissed by the
Government of Pakistan The Government of Pakistan ( ur, , translit=hakúmat-e pákistán) abbreviated as GoP, is a federal government established by the Constitution of Pakistan as a constituted governing authority of the four provinces, two autonomous territories, ...
. Finally, the steel mills was brought back to government ownership and management under an inverse counter-measure Nationalization Programme of Prime Minister
Yousaf Raza Gillani Yusuf Raza Gilani (Urdu: ; born 9 June 1952), is a Pakistani politician who served as 18th Prime Minister of Pakistan from 25 March 2008, until his retroactive disqualification and ouster by the Supreme Court of Pakistan on 26 April 2012. He ...
. Since then, its operational plant capacity has reached 30%–50% after seeking the government's financial assistance. One of the key reasons for PSM's downfall is widespread corruption after 2008 in management and CBA leaders, political recruitments, awarding of promotions and major posts on the basis of favoritism .


Employee layoffs

In June 2020, the Government of Pakistan decided to lay off 9,350 employees of Pakistan Steel Mills. In November 2020, Pakistan Steel Mills sacked 4,544 employees, including divisional and assistant managers, due to its cost reduction exercise. At one stage during its lifetime, the PSM had 30,000 employees which has now been reduced to an estimated 9,000 employees out of which many employees had retired.


History

After the creation of
Pakistan Pakistan ( ur, ), officially the Islamic Republic of Pakistan ( ur, , label=none), is a country in South Asia. It is the world's fifth-most populous country, with a population of almost 243 million people, and has the world's second-lar ...
in 1947, the
Government A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is a ...
of Prime minister
Liaquat Ali Khan Liaquat Ali Khan ( ur, ; 1 October 1895 – 16 October 1951), also referred to in Pakistan as ''Quaid-e-Millat'' () or ''Shaheed-e-Millat'' ( ur, lit=Martyr of the Nation, label=none, ), was a Pakistani statesman, lawyer, political theoris ...
realized the importance of the local production of iron and steel. Initially, the dependence on imports caused economic setbacks to the state in the form of high import costs. The initial idea and studies were conceived by the
Council of Scientific and Industrial Research The Council of Scientific and Industrial Research (IAST: ''vaigyanik tathā audyogik anusandhāna pariṣada''), abbreviated as CSIR, was established by the Government of India in September 1942 as an autonomous body that has emerged as the ...
(PCSIR) and put forward the concept to the
Five-Year Plans of Pakistan The Five-Year Plans for the National Economy of Pakistan ( ur, ) (otherwise publicly known as Five-Year Economic Plans for the National Economy), were the series of nationwide centralised economic plans and targets as part of the economic develo ...
(1955–1960). In 1956,
Soviet premier The Premier of the Soviet Union (russian: Глава Правительства СССР) was the head of government of the Union of Soviet Socialist Republics (USSR). The office had four different names throughout its existence: Chairman of the ...
Nikolai Bulganin Nikolai Alexandrovich Bulganin (russian: Никола́й Алекса́ндрович Булга́нин; – 24 February 1975) was a Soviet politician who served as Minister of Defense (1953–1955) and Premier of the Soviet Union (1955–19 ...
offered technical and scientific assistance to Prime Minister Suhrawardy regarding the steel mills and expressed interest in establishing the country's first steel mills. The project was comprehensively debated in the governments of
Prime Minister A prime minister, premier or chief of cabinet is the head of the cabinet and the leader of the ministers in the executive branch of government, often in a parliamentary or semi-presidential system. Under those systems, a prime minister is n ...
Huseyn Suhravardy and
President President most commonly refers to: *President (corporate title) *President (education), a leader of a college or university *President (government title) President may also refer to: Automobiles * Nissan President, a 1966–2010 Japanese ful ...
Ayub Khan Ayub Khan is a compound masculine name; Ayub is the Arabic version of the name of the Biblical figure Job, while Khan or Khaan is taken from the title used first by the Mongol rulers and then, in particular, their Islamic and Persian-influenced ...
. The manufacturing process, supply sources of the requisite machinery and raw materials, plant site, domestic ore versus imported ore, ownership pattern, product mix and all foreign financing credit kept the project on hold for a considerable time. After 20 years of policy development and studies of PCSIR,
President President most commonly refers to: *President (corporate title) *President (education), a leader of a college or university *President (government title) President may also refer to: Automobiles * Nissan President, a 1966–2010 Japanese ful ...
General
Yahya Khan General Agha Muhammad Yahya Khan , (Urdu: ; 4 February 1917 – 10 August 1980); commonly known as Yahya Khan, was a Pakistani military general who served as the third President of Pakistan and Chief Martial Law Administrator following his p ...
gave the approval of the recommendations of the state-owned scientific think tank, the
Council of Scientific and Industrial Research The Council of Scientific and Industrial Research (IAST: ''vaigyanik tathā audyogik anusandhāna pariṣada''), abbreviated as CSIR, was established by the Government of India in September 1942 as an autonomous body that has emerged as the ...
. Bureaucrats and scientists agreed upon a unified decision that the "Karachi Steel Project" would be sponsored in the state-public sector, under which a separate corporation sanctioned by the Companies Act, would be formed. In pursuance of this decision, the Pakistan Steel Mills Corporation Limited (PSM Ltd.) was commissioned and incorporated as a private limited company in a public sector in accordance with the Companies Act of 1913, to be established in
Karachi Karachi (; ur, ; ; ) is the most populous city in Pakistan and 12th most populous city in the world, with a population of over 20 million. It is situated at the southern tip of the country along the Arabian Sea coast. It is the former ...
,
Sindh Province Sindh (; ; ur, , ; historically romanized as Sind) is one of the four provinces of Pakistan. Located in the southeastern region of the country, Sindh is the third-largest province of Pakistan by land area and the second-largest province ...
of Pakistan. Contacts were made with the
United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territo ...
but the U.S. government showed lack of ambition and interest in the project; therefore the studies were sent to the
Soviet Union The Soviet Union,. officially the Union of Soviet Socialist Republics. (USSR),. was a transcontinental country that spanned much of Eurasia from 1922 to 1991. A flagship communist state, it was nominally a federal union of fifteen nationa ...
, which took the initiatives. The United States refused to give any kind of assistance. Finally, an agreement was reached with the V/O Tyaz Promexport of the
Union of Soviet Socialist Republics The Soviet Union,. officially the Union of Soviet Socialist Republics. (USSR),. was a transcontinental country that spanned much of Eurasia from 1922 to 1991. A flagship communist state, it was nominally a federal union of fifteen national ...
(USSR) in January 1969. In 1971, Pakistan and the Soviet Union finally proceeded to enter into a government agreement, upon which, the Soviet Union agreed to provide techno-financial assistance for the construction of a coastal based integrated steel mill at Karachi.


Labour development

In 1956, Krupp industries of
West Germany West Germany is the colloquial term used to indicate the Federal Republic of Germany (FRG; german: Bundesrepublik Deutschland , BRD) between its formation on 23 May 1949 and the German reunification through the accession of East Germany on 3 ...
offered to set up a steel mill based on
Kalabagh Kalabagh ( ur, ) is a town and union council of Mianwali District in the Punjab province of Pakistan. It is part of Isakhel Tehsil. It is located on the western bank of the Indus River. It was the seat of the ''nawab Nawab ( Balochi: � ...
iron ore, coal and most other minerals available within about . The project was dismissed by the
Ministry of Energy A Ministry of Energy or Department of Energy is a government department in some countries that typically oversees the production of fuel and electricity; in the United States, however, it manages nuclear weapons development and conducts energy-relat ...
led by its minister
Zulfikar Ali Bhutto Zulfikar (or Zulfiqar) Ali Bhutto ( ur, , sd, ذوالفقار علي ڀٽو; 5 January 1928 – 4 April 1979), also known as Quaid-e-Awam ("the People's Leader"), was a Pakistani barrister, politician and statesman who served as the fourt ...
who accepted the Soviet studies instead as Bhutto favored the idea to establish one single enormous steel mill based 100% on imported steel and iron ore instead of local ore at Kalabagh District. In June 1966, another
West German West Germany is the colloquial term used to indicate the Federal Republic of Germany (FRG; german: Bundesrepublik Deutschland , BRD) between its formation on 23 May 1949 and the German reunification through the accession of East Germany on 3 ...
steel firm, the
Salzgitter AG Salzgitter AG is a German company, one of the largest steel producers in Europe with an annual output of around seven million tonnes. With over 100 subsidiaries and associated companies, the Group is structured in five divisions – Steel, T ...
, produced ~5,000 tonnes of quality steel from 15,000 tonnes of Kalabagh iron ore in the presence of some international experts, and sold it to
Volkswagen Volkswagen (),English: , . abbreviated as VW (), is a German motor vehicle manufacturer headquartered in Wolfsburg, Lower Saxony, Germany. Founded in 1937 by the German Labour Front under the Nazi Party and revived into a global brand post- ...
. The company offered in August 1967 to set up Kalabagh Steel Mill of over 0.8 million tonnes per year capacity based on Kalabagh iron ore and imported coal at an estimated cost of Rs. 1.55Bn, including a foreign exchange cost of Rs. 878Mn. The European banks offered loans for this project, which confirmed the technical and financial viability of the project. All attempts were dismissed after projects were politicized enough in the civil bureaucracy. The Pakistan Steel Mills was established as an integrated steel mill under a programme called Nationalization programme in the 1970s. The foundation stone for this gigantic integrated project was laid on 30 December 1973 by Prime Minister Zulfiqar Ali Bhutto. The mammoth construction and erection work of the integrated steel mill, never experienced before in the country, was carried out by a consortium of Pakistan construction corporations under the supervision of Soviet and Pakistani experts. Khaja Inayath Ullah was the Director of Operations & Chief engineer of this project. (Blast furnace 1&2 & RMPP) The main production units were constructed with a host of infrastructure facilities involving unprecedented volumes of work and expertise. Component units of the steel mill numbering over twenty and each a big enough factory in its own right were commissioned as they were completed between April 1981 to August 1985, with the coke ovens and byproducts plant coming online first and the galvanizing unit last. The commissioning of Blast Furnace Number 1 on 14 August 1981 marked Pakistan's entry into the elite club of iron and steel producing nations. The project was completed at a capital cost of Rs. 24.7Mn. The completion of the steel mill was formally launched by President General Zia-ul-Haq on 15 January 1985. Soviet scientist Dr. Mikhail Koltokof flew to Pakistan and settled in the country to provide training to Pakistan's technical staff. Engineer Niaz Muhammad and materials scientist Wahab Siddiqui received training in Soviet Russia and trained thousands of scientists and technical staff. Their inspirations and innovations led them to earn the highest award from Pakistan, and also from the Soviet Union. The Government of Pakistan conferred them with Pride of Performance.


Dividends and business assets

Pakistan Steel Mills not only had to construct the main production units for 2.2 MTPY, but also a host of infrastructure facilities involving unprecedented volumes of work and expertise. Component units of the steel mills numbering over twenty, and each a big enough factory in its own right, were commissioned as they were completed between 1981 and 1985, with the Coke Oven and Byproduct Plant coming on stream first and the Galvanizing Unit last. Commissioning of Blast Furnace No.1 on 14 August 1981 marked Pakistan's entry into the elite club of iron and steel producing nations. The project was not completed at a capital cost of Rs. 24,700 million and commissioned for production of 1.1 MTPY. Due to its infrastructure and enormous expansion capacity, it is difficult to determine the current value of assets of Pakistan Steel Mills, while others approximating the business assets reaching to then range from Rs. 72.5Bn to Rs. 100Bn of total value. By estimating, including the
heavy machinery Heavy equipment or heavy machinery refers to heavy-duty vehicles specially designed to execute construction tasks, most frequently involving earthwork operations or other large construction tasks. ''Heavy equipment'' usually comprises five e ...
, dividends, facilities, and external and internal assets, the market price of the land of the Steel mills are exceeding the amount of Rs. 125.5Bn, as per the government estimates against the market value of Rs 945 billion as on 2006 investigation by potential bidders who withdrew from the bidding process for reasons not known. The completion of the steel mill was forced to stop due to liquidity crises and formally launched after 12 years by the then-President of Pakistan General Muhammad Zia-ul-Haq on 15 January 1985. Pakistan Steel today is the country's largest industrial undertaking, having a production capacity of 1.1 million tonnes of steel and not completed to its lay-out design of 2.2 MTPY in a period of 40 years (1973 to 2013).


Headquarters and production expansion

Pakistan Steel Mills is one of the most enormous and gigantically expanded industrial complexes in the country that is located at a distance of 40 km Southeast of Karachi at Bin Qasim near Port Muhammad Bin Qasim. It was found to be an ecologically preferable location, alongside a tidal creek and having a wind direction away from the city of Karachi. Pakistan Steel Mills is spread out over an area of (about ) including for the main plant, for the township and for the 110 MG water reservoir. In addition it has leasehold rights over an area of for the quarries of limestone and dolomite in the Makli and Jhimpir areas of Thatta district. It is one of the largest industrial complexes in Pakistan as well as in
South Asia South Asia is the southern subregion of Asia, which is defined in both geographical and ethno-cultural terms. The region consists of the countries of Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka.;;;;;;; ...
and due to its enormous expansion, the steel mill has its own educational facilities (see Pakistan Steel Cadet College and Pakistan Steel Institute of Technology), housing and residential programmes, parks and recreation facilities and police services apart from the provisional authorities.


Environmental records

Due to its importance, the steel mills followed strict environmental policies regulated by the
Environmental Protection Agency A biophysical environment is a biotic and abiotic surrounding of an organism or population, and consequently includes the factors that have an influence in their survival, development, and evolution. A biophysical environment can vary in scale ...
(EPA) of the Ministry of Environment (MoE). All health safety and healthy working environment is continuously regulated under a designed system. Pakistan Steel Mills, besides its core activities, has done a lot in making the environment in and around Pakistan Steel green and beautiful through the addition of three unique projects; the Quaid-I-Azam Park; The Quaid-I-Azam Cricket Park; and the Quaid-I-Azam Beach. The Quaid-I-Azam Park, which spreads out over an area of , consists of a series of six interconnected lakes, lush green lawns and grassy terraces, colorful flower beds, fountains, life-size steel-made models of wild and marine animals, a jogging track, a bird sanctuary and mini-zoo, as well as a children's play and recreational ground and boating facilities. The steel mill is also active in sports development and also has a football team Pakistan Steel FC that currently competes in the
Pakistan Premier League The Pakistan Premier League (PPL; ur, پاکستان پریمیئر لیگ) is a Pakistani professional league for men's association football clubs. At the top of the Pakistan football league system, it is the country's primary football compe ...
.


Privatization of steel mills

Since its foundation, the steel mills has been under the management of government-ownership and strictly put under the close coordination of civil bureaucracy. In 2006,
Prime Minister A prime minister, premier or chief of cabinet is the head of the cabinet and the leader of the ministers in the executive branch of government, often in a parliamentary or semi-presidential system. Under those systems, a prime minister is n ...
Shaukat Aziz Shaukat Aziz ( ur, ; born 6 March 1949) is a Pakistani former banker and financier who served as 17th prime minister of Pakistan from 28 August 2004 to 15 November 2007, as well as the finance minister of Pakistan from 6 November 1999 to 15 ...
decided to integrate the steel mills under the intensified programme, called the Privatization Programme. When the news reached the rest of the country, demonstrations and spontaneous protests began to take place against the government of Shaukat Aziz and sparked lengthy debates in
parliament In modern politics, and history, a parliament is a legislative body of government. Generally, a modern parliament has three functions: representing the electorate, making laws, and overseeing the government via hearings and inquiries. Th ...
, which members of the opposition walked out of in disgust. The consortium involving
Saudi Arabia Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in Western Asia. It covers the bulk of the Arabian Peninsula, and has a land area of about , making it the List of Asian countries by area, fifth-largest country in Asia ...
-based Al Tuwairqi Group of Companies submitted a winning bid of $362 million for a 75% stake in Pakistan Steel Mills at an open auction held in Islamabad. The consortium including the
Magnitogorsk Iron and Steel Works Magnitogorsk Iron and Steel Works (russian: Магнитогорский металлургический комбинат, Magnitogorskiy Metallurgicheskiy Kombinat), abbreviated as MMK, is an iron and steel company located in the city of Magnit ...
(
Russia Russia (, , ), or the Russian Federation, is a transcontinental country spanning Eastern Europe and Northern Asia. It is the largest country in the world, with its internationally recognised territory covering , and encompassing one-eight ...
); the al-Tuwairqi Group of Companies (
Saudi Arabia Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in Western Asia. It covers the bulk of the Arabian Peninsula, and has a land area of about , making it the List of Asian countries by area, fifth-largest country in Asia ...
); and the Arif Habib Securities (Pakistan) paid a total
Rs. Rupee is the common name for the currencies of India, Mauritius, Nepal, Pakistan, Seychelles, and Sri Lanka, and of former currencies of Afghanistan, Bahrain, Kuwait, Oman, the United Arab Emirates (as the Gulf rupee), British East Africa, B ...
21.6 billion ($362 million), or Rs. 16.8 per share, to take control of Pakistan's largest steel manufacturing plant. Tuwairqi Group of Companies, one of the leading business concerns in Saudi Arabia, also launched a $300 million steel mills project at Bin Qasim. The group will set up Tuwairqi Steel Mills (TSM), a state-of-the-art steel-making plant in the southern port city of Gawadar, Pakistan.


Controversies

The entire privatization programme of prime minister
Shaukat Aziz Shaukat Aziz ( ur, ; born 6 March 1949) is a Pakistani former banker and financier who served as 17th prime minister of Pakistan from 28 August 2004 to 15 November 2007, as well as the finance minister of Pakistan from 6 November 1999 to 15 ...
came to a halt when the WATAN PARTY filed a petition under section 184 (3) through its Chairman Barrister Zafarullah Khan in the
Supreme Court of Pakistan The Supreme Court of Pakistan ( ur, ; ''Adālat-e-Uzma Pākistān'') is the apex court in the judicial hierarchy of the Islamic Republic of Pakistan. Established in accordance to thePart VIIof the Constitution of Pakistan, it has ultimate ...
vide SMC No. 9/2006 against the privatization citing irregularities in the process which was accepted by the
Chief Justice of Pakistan } The Chief Justice of Pakistan (Urdu: ) (initials as CJP) is head of the court system of Pakistan (the judicature branch of government) and the chief judge of the Supreme Court of Pakistan. The officeholder is the senior most of 17 senior j ...
Justice Iftikhar Chaudry. The Supreme Court on 8 August 2006 held that the entire disinvestment process of the Pakistan Steel Mills reflected haste, ignoring the profitability aspect and assets of the mills by the financial adviser before its evaluation. The transaction was the outcome of a process reflecting procedural irregularities, said the 80-page judgement in the PSM case. On 23 June, a nine-member bench of the Supreme Court had annulled the sale of the country's largest industrial unit to a three-party consortium and had directed the government to refer the matter to the Council of Common Interests (CCI) within six weeks. It had declared the $362 million transaction with the Russian-Saudi-Pakistan investors as null and void. This was a highly controversial decision, as PSM was suffering losses over the last few years and with the federal government unable to put in the required funds to revive PSM, privatization was a prudent decision. Chief Justice Iftikhar Muhammad Chaudhry's tenure was very controversial as CJ of Pakistan's Supreme Court as he also made several other controversial decisions which are still adversely effecting the country even after his retirement. Authored by Chief Justice of Pakistan Justice Iftikhar Mohammad Chaudhry, the judgement said the entire exercise reflected haste by the Privatisation Commission (PC) and the Competitive Committee on Privatisation (CCP). The PC had processed 30 March final report of the financial adviser the same day and a meeting of the PC board and a summary had also been prepared the same day when a six-week time was mandatory to examine and fix a fair reference price for approval by the CCOP.


Nationalization

PSM was deliberately destroyed by successive Governments to benefit the private sector Steel Mafia allegedly involved in more than $12 billion from 2005 to 2022 but persons at fault (beneficiaries & their facilitators in power corridors) remained unaccountable as yet. The privatization had the disastrous effects on steel mills, and it was lost by the private sector due to their inability to run such giant large-scale operations of steel mills. Under the private sector, the steel mill suffered losses in its net worth and declining of production capacity. The Economic Coordination Committee (ECC) was forced to approved a bail out package after the private sector, the Tuwairqi Steel Mills pulled off its investment from steel mills and instead established another steel mill industry to compete against the steel mill. Despite all its problems, the steel mills is a paradigmatic employer and would rather see itself run into the ground than mistreat its long standing employees. In the midst of all the troubles that it is facing, the mill started issuing letters confirming their jobs and started producing the heavy steel and iron materials. After leading to an infernally long protest and inability proved by the private sector, the government of
Prime Minister A prime minister, premier or chief of cabinet is the head of the cabinet and the leader of the ministers in the executive branch of government, often in a parliamentary or semi-presidential system. Under those systems, a prime minister is n ...
Yousaf Raza Gillani Yusuf Raza Gilani (Urdu: ; born 9 June 1952), is a Pakistani politician who served as 18th Prime Minister of Pakistan from 25 March 2008, until his retroactive disqualification and ouster by the Supreme Court of Pakistan on 26 April 2012. He ...
activated the nationalization programme after accepting the recommendations, despite protests lodged by the
Finance minister A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. A finance minister's portfolio has a large variety of names around the world, such as "treasury", ...
Abdul Hafeez Shaikh Abdul Hafeez Sheikh is a Pakistani economist and politician who served as Federal Minister for Finance and Revenue Affairs from 11 December 2020 to 29 March 2021. Previously, he served as an advisor to Prime Minister on Finance and Revenue fr ...
. In 2011, the steel mill was put under the management of government-ownership, expanded and re-structured. The board of directors would be restructured and expanded, from the current nine to twelve members as well as approving another bail out plan. In a matter of weeks, the private-sector voluntarily handed over the operations of steel mills to government-ownership management, a move that was widely appreciated in public society and workers' unions. Since coming under government-ownership, the steel mills infrastructure and available capacity was restructured and expanded. In 2012, Ukraine announced to provide technological development and help in the restoration of raw materials supply chain after viewing the performance of steel mills. The Ukrainian Ambassador quoted, "for major operational units of Pakistan Steel Mills is ''remarkable''". The Ambassador of Ukraine Volodymyr Lakomov said that Ukraine is keen to make a business relationship with Pakistan and the steel mill PSM will be a "symbol of friendship" between the two countries.


See also

*
Socialism in Pakistan The influences of socialism and socialist movements in Pakistan have taken many different forms as a counterpart to political conservatism, from the groups like The Struggle, Lal Salam which is the Pakistani section of the International Marxis ...
* Labour Party Pakistan


References


External links


Pakistan Steel Mills Website


{{authority control Steel companies of Pakistan Government-owned companies of Pakistan Manufacturing companies based in Karachi Manufacturing companies established in 1973 Pakistani companies established in 1973 Soviet foreign aid Pakistan–Soviet Union relations