Engineering Post Report
Pakistan Steel Mills (PSM), which is closed since June 2015, is reported to have earned after -tax-profit of about Rs 7.45 billion in 2021-22 despite the bitter facts that its accumulated losses of Rs 206 billion were even beyond its current assets worth Rs 195 billion.
The PSM was involved in a dispute with Sui Southern Gas Company (SSGC) on a late payment surcharge worth Rs 59.7 billion which had increased from Rs 52 billion in FY21..
The total assets of the country’s largest industrial unit, which was closed down by the PML-N government in its previous tenure , have been valued at about Rs 839 billion, as of June 30,2022, up by 65 percent over Rs 549 billion a year earlier, as its its audited accounts.
Since the closure of the PSM in June 2025, the country was estimated to have lost about $18 billion in foreign exchange for import of steel products which were used to be by the PSM. PSM’s total assets valued at Rs 838.66 billion included Rs 751 billion worth of property including over 17000 acres of land, thousands of houses, many hospitals, educational facilities etc , plant and machinery and Rs 71 billion worth of investment property besides other current asset in the shape of stocks, receivables.
