Pakistan Steel Mills

rdf:langString Pakistan Steel Mills

rdf:langString Pakistan Steel Mills Corporation Pvt. Ltd.

rdf:langString Pakistan Steel Mills Corporation Pvt. Ltd.

rdf:langString Pakistan Steel Mills.png

rdf:langString Pakistan Steel Mills logo

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rdf:langString Karachi Steel Projects

rdf:langString The Pakistan Steel Mills Corporation, colloquially referred to as Pak Steels, is a Pakistan-based company that produces long-rolled steel and heavy metal products in the country. Headquartered in Karachi, Sindh, the PSMC is currently the largest industrial mega-corporation in Pakistan, having a production capacity of 1.1–5.0 million tonnes of steel and iron foundries. Built with extensive contributions from the Soviet Union in the 1970s, it is among the largest industrial mega-corporation complexes, vastly expanded in an enormous dimension with construction inputs involving the use of 1.29 million cubic meters of concrete and 5.70 million cubic meters of earthworks, as well as containing approximately 330,000 tonnes of heavy machinery, steel structures and electrical equipment. A controversial attempt was made to privatize the steel mills to global private ownership under the counter-measure Privatization Programme of Prime Minister Shaukat Aziz. However, these efforts were thwarted by the Supreme Court in Islamabad. In spite of its enormous size and expansion, only 18% of the corporation's capacity was in use, which prompted the PSMC to request a bailout plan of ₨. 12 billion to prevent its closure; the bailout plan was dismissed by the Government of Pakistan. Finally, the steel mills was brought back to government ownership and management under an inverse counter-measure Nationalization Programme of Prime Minister Yousaf Raza Gillani. Since then, its operational plant capacity has reached 30%–50% after seeking the government's financial assistance. One of the key reasons for PSM's downfall is widespread corruption after 2008 in management and CBA leaders, political recruitments, awarding of promotions and major posts on the basis of favoritism .