KARACHI - PSM employees looking forward for China deal of taking over PSM as it looks the only possible way out to run the national asset.

The visible consensus is that PSM is declared officially as a strategic unit so it cannot be privitised. However the current situation in this regard is that the present management failed to deliver not only to the government as per their business plan but also failed to run the plant. Employees are suffering from basic medical facilities as more than 10 months bill was not cleared by PSM, other vendors also stopped supply due to previous bills. Plant shutdown from last 30 days and management has no way out except illegal practices by purchasing directly violating PPRA rules.

Majority employees of PSM think that China or Russia are capable of solving technical, financial and administrative issues in present scenario and a firm from China, Sinosteel Corporation’s taking over state-owned mega-corporation, Pakistan Steel Mills would be another opportunity.

Sinosteel Corporation China engaged in mining and processing of minerals, related trading, logistics, construction, engineering, and equipment manufacturing business with 86 subsidiaries, out of which 63 are in China and 23 abroad.

Sixty percent of Sinosteel operations are within China, but now it is looking to expand its overseas operations further and Pakistan has always been a consistent partner in international cooperation.