News Desk
The Federal Minister for Industries and Production, Hammad Azhar has said that the Pakistan Tehreek-e-Insaaf government has announced to revive Pakistan Steel Mills by involving a private investor. He clarified that the land of the Steel Mills is not being sold out.
According to media reports, the Industries Minister has stated this while addressing a news conference in Islamabad on Saturday. He said Pakistan Steel Mills has nineteen thousand acres of land, out of which there will be a lease agreement on twelve hundred to thirteen hundred acre of land to run operations of the Steel Mills.
Hammad Azhar further stated that this will be done in the most transparent manner as per privatization rules. He said it will be our effort that an international player enters into a partnership with the government.
The Minister clarified that the management control will be handed over to the private party. He said those being laid off from the Steel Mills will each be paid 2.3 million rupees on average.
“The pension dues of the Steel Mills employees from 2013 onward were cleared two weeks ago with an amount of twenty four billion rupees,” he added.
