Assets Worth Millions Stolen From Pakistan Steel Mills Yet Again

Even the three-layered security of the Pakistan Steel Mills (PSM) was not enough to curb the number of thefts, as another set of assets worth millions of rupees were stolen on Saturday night.

According to reports, a gang of thieves stole copper wire and other parts on Saturday and were active on the premises of the mill’s main plant for hours before being caught while trying to escape.

The event brings the PSM’s security into the light. The thieves managed to enter the mill without any fear of security. A separate group of thieves was also found inside the mill’s premises earlier this month. Additionally, the administration has not filed a case in either of the aforementioned incidents.

In another case of theft reported earlier this year, where copper wire worth Rs. 10 billion had been stolen, the mill’s security had allegedly failed to stop the burglars in time.

The mill’s stakeholder groups, including the People’s Workers Union, Progressive Labour Union, and Insaf Labour Union (CBA), notified the Federal Ministry of Industry and Production, CEO Dr. Saif-ud-din Junejo, and the Privatization Division that the total value of Pakistan Steel Mill’s losses and liabilities had surpassed 612 billion rupees.

Due to Steel Mill’s losses and non-production, Pakistan’s economy faced a $12 billion loss between 2005 and 2022.

Qualified management and a board of directors have yet to be constituted in Pakistan Steel Mill, putting the company in a crisis.

The Federal Ministry of Industries and Production has also been informed that the current coalition government is not conducting a thorough investigation into the theft of billions of rupees.

Some retired individuals were designated key positions in Pakistan Steel Mill on contract and daily wages during the Pakistan Tehreek-e-Insaf (PTI) government, despite the fact that the same people had been named in a report of theft of billions of rupees due to administrative negligence, corruption, and irregularities, but no action has been taken against them so far.

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