KARACHI: According to News, Pakistan Steel Mills fired 562 daily wage employees on Wednesday due to the expiration of their contracts.
A statement from the In Charge Manager A&P states that all Pakistan Steel Mills daily wage workers have had their employment terminated.
According to the statement, the employees were let go when their contract expired and the PSM would not be hiring them again.
The Pakistan Steel Mills was taken off the state-owned enterprises’ list for privatization by the interim administration in December 2023.
Check out this article: Pakistan Steel Mills taken from the list of government privatization
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.
He declared quite confidently that there is a pitiful 0% chance that this once-thriving organism will be revived. To emphasize 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 to the government for just Re1 became quite popular as a way to get rid of its troublesome asset.
