The federal government has decided to shut down Pakistan Steel Mills (PSM), a state-owned enterprise that has been incurring heavy losses for years. In a statement, Secretary of Industry and Production said that the Sindh government has been offered to take over 700 acres of the total 19,000 acres land of the PSM and establish its own steel plant on the site. Last year, the secretary claimed, they found out that there was no buyer for the Pakistan Steel Mills. “Apart from 700 acres, the land will be used for industrial purposes”, he added.
