Pakistan Steel Mills Restructuring

[Vulcan]

Yes you read it correctly. China again

This is crazy

 

[Strike Rate]

Are they going to sell it like the KASB bank? For 1000 rupees? Ishaq Dar and co telling the awaam the liabilities were more than assets but in reality there was something else going on behind the scene when they rejected parties who offered more but accepted Bank Islami offer and merged it with them.

 

[Syed1]

China again?..

Soon the Quaid's picture on the bank note will be replaced by Mao..

 

[Vulcan]

China again?..

Soon the Quaid's picture on the bank note will be replaced by Mao..

)

Apparently only China is interested in all this. this is what I heard with hardcore Pak China Dosti fanatic

 

[Vulcan]

Now for some Gas power project Mr Shahbaz Sharif meeting with Chairman of one Chinese company. Whats wrong with this governement? In every project they are involving Chinese like rst of the world is not interested in providing same services to Pakistan.

 

[Yossarian]

Now for some Gas power project Mr Shahbaz Sharif meeting with Chairman of one Chinese company. Whats wrong with this governement? In every project they are involving Chinese like rst of the world is not interested in providing same services to Pakistan.

Perhaps the thinking is that having these relationships with China enhances two-way trade and direct economic links with China, especially bearing in mind the potential benefits of the soon-to-be China–Pakistan Economic Corridor (CPEC).

The Chinese are far more likely to transfer technical know-how as well as advanced technology, in comparison to non-Chinese companies. In contrast, non-Chinese companies being involved would primarily be a case of changing the ownership/shareholders, and perhaps much of the senior management - but everything else remaining the same, with very little transfer of advanced technology and the latest manufacturing techniques.

Furthermore, if things went wrong and the venture failed, the worst that could happen for the foreign non-Chinese owners and the economies of their countries is the monetary loss of the value of their shareholdings whereas if things went wrong and the venture failed, not only will the Pakistan economy suffer but Chinese companies and Chinese-Pakistan two-way trade will also suffer and thus to a small extent the Chinese economy itself.

You need to understand logistics, manufacturing and the supply chain a bit more.

 

[Slog]

Perhaps the thinking is that having these relationships with China enhances two-way trade and direct economic links with China, especially bearing in mind the potential benefits of the soon-to-be China–Pakistan Economic Corridor (CPEC).

The Chinese are far more likely to transfer technical know-how as well as advanced technology, in comparison to non-Chinese companies. In contrast, non-Chinese companies being involved would primarily be a case of changing the ownership/shareholders, and perhaps much of the senior management - but everything else remaining the same, with very little transfer of advanced technology and the latest manufacturing techniques.

Furthermore, if things went wrong and the venture failed, the worst that could happen for the foreign non-Chinese owners and the economies of their countries is the monetary loss of the value of their shareholdings whereas if things went wrong and the venture failed, not only will the Pakistan economy suffer but Chinese companies and Chinese-Pakistan two-way trade will also suffer and thus to a small extent the Chinese economy itself.

You need to understand logistics, manufacturing and the supply chain a bit more.

China has been dong the same in some African countries too and some of them like Ethiopia have become almost Chinese client states

The headquarters of the African Union has the sign in Mandarin ;

 

[Firebreaker]

My grandfather also went there

 

[Vulcan]

Perhaps the thinking is that having these relationships with China enhances two-way trade and direct economic links with China, especially bearing in mind the potential benefits of the soon-to-be China–Pakistan Economic Corridor (CPEC).

The Chinese are far more likely to transfer technical know-how as well as advanced technology, in comparison to non-Chinese companies. In contrast, non-Chinese companies being involved would primarily be a case of changing the ownership/shareholders, and perhaps much of the senior management - but everything else remaining the same, with very little transfer of advanced technology and the latest manufacturing techniques.

Furthermore, if things went wrong and the venture failed, the worst that could happen for the foreign non-Chinese owners and the economies of their countries is the monetary loss of the value of their shareholdings whereas if things went wrong and the venture failed, not only will the Pakistan economy suffer but Chinese companies and Chinese-Pakistan two-way trade will also suffer and thus to a small extent the Chinese economy itself.

You need to understand logistics, manufacturing and the supply chain a bit more.

What gas project, PIA and STEEL MILL has to do with it?

 

[Vulcan]

I might be wrong but CPEC may hurt us more in future.

 

[Yossarian]

What gas project, PIA and STEEL MILL has to do with it?

As I said, do try and understand a bit more about logistics, production, transport infrastructure, availabilty and physical location of raw materials resources and associated shipment to production facilities, the reliability of the supply chain, and a whole host of other considerations that must be taken into account before awarding contracts.

 

[Vulcan]

As I said, do try and understand a bit more about logistics, production, transport infrastructure, availability and physical location of raw materials resources and associated shipment to production facilities, the reliability of the supply chain, and a whole host of other considerations that must be taken into account before awarding contracts.

Mohtarm/Mohtarma what logistic PIA can provide? Banday poray hotay nahi kya raw material PIA say shift kerain gay? We do not know about gas project and you are relating it with infra structure and logistics. Steel Mills I mean only Chinese can run it?


I have yet to find a single tender issued by GoP to submit quotations/proposal on PIA Steel Mills etc. Looks like Chinese owns the rights with CPEC.

 

[Yossarian]

I might be wrong but CPEC may hurt us more in future.

See post above. You really are showing your ignorance.

 

[Vulcan]

The only thing they consider is Nationality of a Company if its Chinese go ahead else wait for one.

I am not against China or CPEC but its apparent Pakistan is too dependent on China. Worrying signs

 

[Yossarian]

What gas project, PIA and STEEL MILL has to do with it?

You need to understand how real industrial economies, trade, manufacturing and the underlying industrial infrastructure works, and perhaps spend less time reading political propaganda.

 

[Yossarian]

The only thing they consider is Nationality of a Company if its Chinese go ahead else wait for one.

I am not against China or CPEC but its apparent Pakistan is too dependent on China. Worrying signs

Serious question: Do you know anything about manufacturing, trade, logistics, supply chain, raw materials, infrastructure and all the other elements required to create and run an industrial economy?

Or are you just a 15 year old fresh out of school having only read a couple of magazines on politics?

 

[Vulcan]

You need to understand how real industrial economies, trade, manufacturing and the underlying industrial infrastructure works, and perhaps spend less time reading political propaganda.

Thank you

 

[Yossarian]

Thank you

You're wellcome. But do take my advice and learn a bit about the topics I've mentioned.

 

[Vulcan]

No one knows the details of proposed privatization and here you are stuck with Logistic supply chain and infrastructure.


Pak-Cheen Dosti zindabad
Pak-Cheen Dosti Mansoye

 

[Smiling Creed]

How much FII in Pakistan is controlled by China, direct or indirect? Over dependence on any country is never good.

 

[Last Monetarist]

https://www.dawn.com/news/1614087/pakistan-steel-mills-sacks-officers-in-seven-categories

Pakistan Steel Mills (PSM) has terminated the services of a number of officers falling in seven categories, with former employees estimating that around 500-600 officers have been affected by the decision.

In the last week of November 2020, about 49 per cent of workers and 70pc of officers were retrenched under which 4,544 people were rendered unemployed.

When asked about the total number of employees retrenched on March 22, PSM Chief Executive Officer retired Brig Shuja H. Khurazmi said he did not know about the exact number of officers.

When contacted, PSM spokesman Muhammad Afzal said he could not reply to any question as he had also been sacked.

According to the letter sent to the employees, the PSM management has decided to retrench all officers of the production directorate, except COBP and refractories department; all officers of technical services directors, except qualified engineers and IT professionals; all officers of production, planning and control, public relations department, Pakistan Steel Institute of Technology and Corporate Planning and Investment, except qualified engineers; all assistant managers and deputy managers of security department, engineers working on non-technical posts of marketing and internal audit department; all contract and daily-wager officers, except those in finance and A&P directorate; and officers of zonal offices, except engineers and master’s degree holders posted at Lahore and Islamabad.

The letter further states: “Since you fall the above category of employees to be retrenched, your employment is hereby terminated by way of retrenchment with immediate effect. Although retrenchment is with immediate effect, you will be paid wage/salary of March 2021. In addition to legal dues in accordance with the terms and conditions of your employment, if any, you shall be paid one month wage in lieu of period of notice.”

The letter said it was a painful decision not only for the employees but also for the management; however, it was taken as it had become inevitable in the interest of PSM and the country. After terminating the officers, the management in the letter also “wishes the officers best of health, happiness and success in your future endeavors”.

Justifying the lay-offs, the management said PSM had been incurring losses for many years and accumulated losses as of June 30, 2020 exceeded Rs212 billion, while production activities in the mill had been closed since 2015. “Neither the company has funds to revive the mill nor are funds available from any other source to revive PSM. In any case, revival of the mill would require, firstly, massive investment and, secondly, entail a period of at least two years,” it added.

Former employees regretted that on the one hand, Minister for Privatisation Mohammad mian Soomro had been talking about the revival of PSM and, on the other, retrenchment drive had been picking up pace.

Mr Soomro, while chairing a high-level meeting on privatisation of National Power Parks Management Company on March 17 this year, had thanked the stakeholders for their active participation in the revival of PSM.

 

[Major]

Posts on this thread are from a time when pmln was in govt.

Same posters would have different views today

 

[Bewal Express]

Finally the PSM is being reduced to some sort of efficient size. Billions paid by PSM to pay PPP appointed workers to do nothing and once again its left to IK to sort out.

 

[Savak]

Last time when PSM was making good money, Musharraf wanted to privatize it but CJ Iftikhar Chaudhry intervened and nullified the deal. After Musharraf, PPP and PML N raped the institution to such a point that no pvt buyer wants anything to do with it anymore

 

[Bewal Express]

Posts on this thread are from a time when pmln was in govt.

Same posters would have different views today

The PPP destroyed the PSM and it was the same crap in the 90s. The PPP have used those billions to corrupt the recent Senate elections and create a mafia state in Sindh.