Federal government approves to hand over Pakistan Steel Mills to Sindh

KARACHI (92 News) – The federal government has approved to hand over Pakistan Steel Mills to Sindh. The Sindh government had taken interest in the privatization of Pakistan Steel Mills. All the assets and dues of Pakistan Steel Mills spanning over 19,000 acres will be handed over to the provincial government. The Pakistan Steel Mills has to pay the loans of Rs 120 billion, while it also faces a deficit of Rs 135 billion. It has 15,000 employees who are paid the salaries amounting to Rs 480 million each month.