The Express Tribune reported that workers of Pakistan Steel Mills have opposed the privatization of PSM and threatened to move court in case attempts are made to sell the strategic asset.

Pakistan Steel Peoples Workers Union chairman Mr Shamshad Qureshi, while speaking at a press conference at the Karachi Press Club on Friday said that federal minister for privatization Mr Waqar Ahmed has only presented one side of the picture and proposed privatization without consulting the board of governors and workers of PSM.

He said that the newly presented formula of selling 20% shares of PSM with administrative powers is not acceptable to the workers.

He told “If privatization is necessary for the government, then the workers of PSM are ready to buy 26% shares with their own resources.”

He questioned the sudden plan to privatize PSM instead of going for its expansion with Chinese or Russian assistance, adding that initially it had not been on the proposed list of privatization.

Mr Qureshi said that “Though PSM has taken money from the government its position is quite different from Pakistan Railways and other state run institutions. PSM has returned on time loans acquired from the government so its case is different from other loss making public sector institutions.”

He added that “We hope that prime minister Mr Yousaf Raza Gilani and president Mr Asif Ali Zardari will look into the matter and stop the privatization.”

(Sourced from www.tribune.com.pk)