Pakistan, Aug. 3 -- Pakistan Steel Mills (PSM) Chairman Asad Islam Mahni on Saturday said the steel mill's cumulative loss had reached Rs600 billion till 2024, while it paid Rs20bn annual interest.

This the PSM chairman told Senate Standing Committee on Industries and Production, headed by Senator Aon Abbas, during its visit to the PSM in Karachi. The committee reviewed the organisation's existing challenges of debts, delayed payments and expenditure, and also heard concerns of employees unions.

The committee members also included Senator Syed Masroor Ahsan, Senator Khalida Ateeb, and Senator Husna Bano.

During the briefing, Mahni also told the committee that that PSM owed Rs89 billions to the National Bank of Pakistan (NBP) as most of...