Pakistan Steel Karachi: PSM Union Vows to Buy 26pc Stakes

Category: News, Pakistan Steel

KARACHI, Dec 28: Pakistan Steel Mills (PSM) People’s Workers Union (CBA) has shown its willingness to buy 26 per cent shares of Pakistan Steel in case of its privatisation for which the employees will manage the amount through their own resources.
The union said that the employees hold the first right to buy the organisation. It said that after purchasing the share the employees will turn the Pakistan Steel into a profitable entity.
Union’s chairman Shamshad Qureishi at a press briefing held recently said that only Rs3 billion has been provided in the last six months out of the Rs25 billon bailout package as promised by Prime Minister Yousuf Raza Gilani on June 11, 2010.
As a result, the PSM is facing shortage of raw materials leading to steep fall in production, he added.

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