Ministry of Production has reportedly presented three options to the government to stop the unending bleeding of financial resources in Pakistan Steel Mills Corporation (Pvt.) Ltd., well informed sources told Business Recorder. "We have proposed to the Prime Minister to privatize PSM or close it in case fresh injection is not possible," the sources added. The proposed options include privatization which requires Supreme Court decision, closing or revitalization of Pakistan Steel. Privatization Commission is required to withdraw the review petition filed on August 8, 2006 in the Supreme Court against its decision to strike down Pakistan Steel privatization. "Taking cognizance of the deteriorating condition of the PSM despite the administrative and financial efforts made and the inherent potential for its revival towards commercial viability, the Board of Privatization Commission, after thorough deliberations resolved to withdraw the review petition after soliciting the consent of co-petitioners and Law Division," the sources quoted a letter written by the Privatization Commission.

Pakistan Steel Mills reported earnings results for the nine months of fiscal 2013. For the period, the company incurred PKR 19 billion loss.

Pakistan Steel Mills Corporation (Pvt.) Ltd., Board Meeting, Oct 15, 2012. Agenda: To consider disbursement of grant to workers in respect of Charter of Demand (CBA-PSMCL Worker's Union) and the revision of pay scale of officers and future fulfillment of CBA agreement and relief for officers in excess of grant received would be subject to further grant by GoP or attaining financial viability by the corporation.