Authorities have decided to sell certain assets of Pakistan Steel Mills as theft incidents continue to rise, further worsening the financial and administrative situation of the long-shut industrial giant.
The decision was revealed during a meeting of the National Assembly’s Subcommittee on Industries and Production, where officials briefed lawmakers on the growing challenges faced by Pakistan Steel Mills.
Power Cables Stolen Despite Facility Being Closed
Officials informed the committee that even 11 kV electricity cables have been stolen from the premises, highlighting serious security lapses at the site.
The continued theft of infrastructure has added to the operational difficulties and increased the risk of further losses.
Heavy Electricity Bills Despite Closure
In a shocking disclosure, authorities revealed that Pakistan Steel Mills received an electricity bill of Rs. 275 million, despite being non-operational.
It was further disclosed that Rs. 25 million was paid last month alone, placing additional financial strain on the already struggling entity.
Assets to Be Auctioned to Prevent Further Losses
Due to the increasing threat of theft, officials confirmed that some valuable assets are being auctioned to prevent further damage and losses.
The move aims to control the deteriorating situation, reduce security risks, and minimize the financial burden on the government.
Long-Standing Challenges Continue
Pakistan Steel Mills has remained closed for years, yet continues to incur heavy costs related to utilities, maintenance, and security. Lawmakers expressed concern over the ongoing losses and emphasized the need for a clear long-term strategy to address the crisis.
