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Steel production company based in Pakistan

The Pakistan Steel Mills Corporation, colloquially referred to as Pak Steels, is a Pakistani state owned company that produces long rolled steel and heavy metal products in the country. Headquartered in Karachi, Sindh, the PSMC is currently the largest industrial mega corporation in Pakistan, having a production capacity of 1.1–5.0 million tonnes of steel and iron foundries. vastly expanded in an enormous dimension with construction inputs involving the use of 1.29 million cubic meters of concrete and 5.70 million cubic meters of earthworks, as well as containing approximately 330,000 tonnes of heavy machinery, steel structures and electrical equipment. the bailout plan was dismissed by the Government of Pakistan. Finally, the steel mills was brought back to government ownership and management under an inverse counter measure Nationalization Programme In November 2020, Pakistan Steel Mills sacked 4,544 employees, including divisional and assistant managers, due to its cost reduction exercise. At one stage during its lifetime, the PSM had 30,000 employees which has now been reduced to an estimated 9,000 employees out of which many employees had retired.

After the creation of Pakistan in 1947, the Government of Prime Minister Liaquat Ali Khan realized the importance of the local production of iron and steel. Initially, the dependence on imports caused economic setbacks to the state in the form of high import costs. The initial idea and studies were conceived by the Council of Scientific and Industrial Research (PCSIR) and put forward the concept to the Five Year Plans of Pakistan (1955–1960). In 1956, Soviet premier Nikolai Bulganin offered technical and scientific assistance to Prime Minister Suhrawardy regarding the steel mills and expressed interest in establishing the country's first steel mills. The project was comprehensively debated in the governments of Prime Minister Huseyn Suhrawardy and President Ayub Khan. The manufacturing process, supply sources of the requisite machinery and raw materials, plant site, domestic ore versus imported ore, ownership pattern, product mix and all foreign financing credit kept the project on hold for a considerable time. The United States refused to give any kind of assistance. Finally, an agreement was reached with the V/O Tyaz Promexport of the Union of Soviet Socialist Republics (USSR) in January 1969. while others approximating the business assets reaching to then range from Rs. 72.5Bn to Rs. 100Bn of total value. By estimating, including the heavy machinery, dividends, facilities, and external and internal assets, the market price of the land of the Steel mills are exceeding the amount of Rs. 125.5Bn, as per the government estimates against the market value of Rs 945 billion as on 2006 investigation by potential bidders who withdrew from the bidding process for reasons not known. All health safety and healthy working environment is continuously regulated under a designed system. Pakistan Steel Mills, besides its core activities, has done a lot in making the environment in and around Pakistan Steel green and beautiful through the addition of three unique projects; the Quaid I Azam Park; The Quaid I Azam Cricket Park; and the Quaid I Azam Beach. The Quaid I Azam Park, which spreads out over an area of , consists of a series of six interconnected lakes, lush green lawns and grassy terraces, colorful flower beds, fountains, life size steel made models of wild and marine animals, a jogging track, a bird sanctuary and mini zoo, as well as a children's play and recreational ground and boating facilities. The steel mill is also active in sports development and also has a football team Pakistan Steel FC that currently competes in the Pakistan Premier League. In 2006, Prime Minister Shaukat Aziz decided to integrate the steel mills under the intensified programme, called the Privatization Programme. The Supreme Court on 8 August 2006 held that the entire disinvestment process of the Pakistan Steel Mills reflected haste, ignoring the profitability aspect and assets of the mills by the financial adviser before its evaluation. The transaction was the outcome of a process reflecting procedural irregularities, said the 80 page judgement in the PSM case. In 2011, the steel mill was put under the management of government ownership, expanded and re structured. The board of directors would be restructured and expanded, from the current nine to twelve members as well as approving another bail out plan. In 2012, Ukraine announced to provide technological development and help in the restoration of raw materials supply chain after viewing the performance of steel mills. The Ukrainian Ambassador quoted, "for major operational units of Pakistan Steel Mills is remarkable". The Ambassador of Ukraine Volodymyr Lakomov said that Ukraine is keen to make a business relationship with Pakistan and the steel mill PSM will be a "symbol of friendship" between the two countries.