Karachi (HRNW) The Pakistan Steel Mills has dismissed another 500 of its employees, according to a PSM letter seen by media.
These sacked staffers included all 155 employees of the PSM medical department.
In November 2020, the PSM laid off over 4,500 employees as part of a cost reduction exercise.
The foundry has been closed since 2015. It has been incurring losses worth Rs100 million a day. Its deficit had reached Rs212 billion by June 30, 2020.
In its response, the PSM Stakeholders’ Group said the recent dismissals were a violation of court orders.
The PSM had 16,700 employees in 2015. Of them, nearly 7,000 have retired.
It has so far sacked 5,000 employees.
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