The non-transparent privatization of Pakistan Steel Mills has cost the national exchequer $2 billion, stated a letter from the Pakistan Steel Mills Labor Union.
The letters were sent to both the Federal Minister for Privatization and the Federal Minister for the Ministry of Industries and Production. It said the PTI government failed to put professional management in the steel mills.
Through the letter, the labor union demanded accountability and an investigation into the loss inflicted on the national exchequer.
The letter stated that the rehabilitation of the Pakistan Steel Mills required $300 million or Rs. 50 billion, and Imran Khan could not fulfill his promise. Since 2005/2006 Pakistan Steel Mills has suffered a loss of approximately $12 billion, the letter stated.
Employees with 12 percent shares were not taken into account in decision making, according to the letter, and no approval from the Council of Common Interest (CCI) was sought for rehabilitation under the public-private partnership.
Moreover, the letter said a No Objection Certificate (NOC) was not obtained from the Sindh government before handing over 930 acres of Pakistan Steel Mills’ land to the National Industrial Park (NIP). Similarly, no NOC was obtained before handing over 220 acres of Al-Tuwairqi Steel Mills, 50 acres of Aisha Steel Mills, and 9,000 acres of land to Special Economic Zones (SEZs), the letter stated.