Pakistan Steel Mills faces annual payments of Rs. 17 billion in interest on loans received from the federal government and commercial banks.
This information was disclosed during a Senate Standing Committee on Industries and Production meeting, chaired by Senator Aoun Abbas Bappi, on Wednesday.
Chief Financial Officer Arif Shaikh briefed the committee on the financial status of the struggling government-run entity. He revealed that the value of PSM’s movable assets is Rs. 2.12 billion, while its immovable assets are valued at Rs. 858 billion. PSM owns 18,000 acres of land worth Rs. 622 billion, with the plant occupying 10,000 acres and residential areas covering the remaining 8,000 acres.
Over the past 10 years, the loss-making state-owned enterprise has made interest payments totaling Rs. 103 billion. Additionally, Rs. 104 billion is still owed to the government, and Rs. 38 billion is owed to the National Bank of Pakistan, Shaikh added.
