Pakistan Steel Mills (PSM) has terminated 1,350 more employees as part of its ongoing downsizing efforts due to severe financial struggles. The layoffs come as the state-owned enterprise continues to grapple with mounting losses and an uncertain future.
According to official sources, the latest wave of terminations includes employees from various departments, as the government attempts to reduce operational costs. This move follows previous rounds of layoffs, bringing the total number of terminated employees to thousands over recent years.
PSM, once the backbone of Pakistan’s steel industry, has remained non-functional for nearly a decade, incurring billions in losses. Successive governments have struggled to revive the mill, with privatization being considered as a potential solution.
The affected employees have expressed strong resentment over the decision, with labor unions warning of protests against the government’s failure to revive the industry.
Economic analysts suggest that without urgent structural reforms or private sector involvement, the fate of PSM remains uncertain, posing further challenges to Pakistan’s industrial sector.
