Pakistan Steel Mills terminates 562 daily wage workers

World Friday 14/June/2024 09:19 AM
Pakistan Steel Mills terminates 562 daily wage workers

Islamabad: Citing the expiration of the contract, Pakistan Steel Mills terminated 562 daily wage workers on Wednesday, according to ARY News.

According to a statement from the in-charge Manager of Pakistan Steel Mills, all daily wage workers have been terminated and they would not be hired again.

This comes as in December 2023, the-then caretaker government removed the Pakistan Steel Mills from its privatization list of the state-owned entities, reported ARY News..

In his speech at the Economic Survey 2023-24 unveiling in Islamabad on Tuesday, Finance Minister Muhammad Aurangzeb expressed pessimism about the PSM's chances of recovery.

According to ARY News, he declared quite confidently that there exists a bleak zero per cent probability for the resuscitation of this once-thriving entity. To emphasise his argument, Aurangzeb declared quite openly that PSM's only likely future is to be consigned to the scrap heap.

These remarks brought back memories of a period when the idea of selling PSM for just PKR1 became quite popular as a means to divest the government of its burdensome assets.

In a scathing remark, Aurangzeb lambasted the prevailing policies governing the supply of natural gas to the now-defunct PSM, deeming them utterly inadequate.