Pakistan Steel Mills (PSM) assets worth Rs. 10 billion have been stolen including the copper cable of the mills.
This was revealed in a letter written to the Federal Minister of Industries & Production by the Pakistan Steel Mills (PSM) Insaf Labour Union.
The union demanded the removal of the PSM Board of Directors. They claim that the management of PSM has become a facilitator to burglars. The letter claimed that on the night of July 26-27th, around 50 men entered the premises of PSM and made away with copper cable. The union said that the men were not stopped by the security staff of the mill.
It is pertinent to mention that PSM is on the Privatization Commission’s list of companies that are to be privatized on a priority basis.