Pakistan Steel privatisation looks even more difficult than last attempt

From 2000 to 2008, PSM rode on best years of its
history as it continuously posted profits. PHOTO: FILE
KARACHI:
When the Supreme Court of Pakistan objected to its
privatisation in 2006, Pakistan Steel Mills (PSM) had over Rs9 billion
lying in bank accounts. It had closed previous fiscal year with a profit
of Rs6.7 billion. It was churning out 979,000 tons of steel products
and had raw material sufficient for several months.
Today, the plant is literally shut. With long-term debt of over Rs40
billion, it is caught up in a vortex where it borrows money every year
to pay off past debt. Whatever little is left goes towards meeting cost
of running coke oven batteries, furnaces and paying salaries, leaving
nothing for coal and iron ore.
It still has 18,000 people on its payroll, many of whom have been
hired to please politicians. The financial burden of settling debt and
injecting equity without cutting cost is something that Pakistan Muslim
League-Nawaz’s government doesn’t seem interested in doing, especially
under the IMF’s watchful eye.
Among the loss-making state-run enterprises, the government is
pushing for privatisation of Pakistan International Airlines (PIA). But
the fact that no substantial effort has been made to fix matters at PSM
reflects some intentions of the policymakers.

“It is as important for this government to privatise Pakistan Steel
Mills as it was for us,” says Awais Ahmed Khan Leghari, who was heading
the privatisation ministry when the PSM deal was struck down.
“Government should sell it even if investors offer a price below than
what we received.”
PSM has had a poor financial history. Since it started full-fledged
production in the mid-1980s, it remained in losses for most of the
years. News reports in 1991 were as bleak about the country’s largest
industrial concern as they appear today.
From 1969 when work started on the mills under the guidance of then
chairman Syed Saeed Jafferi until 2013 when CEO Major General (Retd)
Muhammad Javaid is running the show, it has seen 26 managements taking
up the reins. Except for three, none of them could exploit the dominant
position of the PSM in the market.
All these years until 2000, PSM’s production cost would always be
more than revenue despite the fact Pakistan imports most of its steel
requirement.
No wonder that it was as far back as May 29, 1997 that the Council of
Common Interests gave the go-ahead for privatisation. However, the plan
was shelved by the time General (Retd) Pervez Musharraf came to power.

From 2000 to 2008, PSM rode on best years of its history as it
continuously posted profits. But before that, the government had to
clear up some of the mess.
“By 2000, PSM was carrying Rs19 billion in debt. Of this, around Rs12
billion was the principal amount, which the government settled to
kick-start transformation,” recalls Lieutenant General (Retd) Abdul
Qayyum, who was PSM chairman in 2004-06. “Payment of rest of the debt
was deferred until 2013.”
Towards this end, the contribution of Lieutenant Colonel (Retd) Afzal
Khan, who spearheaded the transformation from 1999 to 2003, must be
appreciated. It was during his tenure that PSM was put in order.
One of the most important contributors to the restructuring was the
presence of uniformed officers at the helm of affairs that kept unions
under control.
“We had unions but there was no CBA because of a court order. More
importantly, there was no outside interference in organisational affairs
like we later saw from 2008 onwards,” says Qayyum. “By the time I quit
in 2006, all the debt was settled and we had plenty of cash and spare
parts.”
Then what went wrong? How can a company which had always enjoyed a
monopoly plunge in crisis? How can its steel be sold below cost when the
market has a good appetite for the product? How can imported steel,
which is shipped hundreds of kilometres on oil-run ships, compete with
local supply?
“Mismanagement, corruption, overstaffing and extremely poor
marketing…this is what happened to PSM,” says Qayyum. “When the
management is not capable, then it can’t exploit the organisational
potential.”
Industry officials are almost unanimous that it was sheer
misjudgement and corruption which landed PSM in accumulated losses of
over Rs90 billion in the past five years.
One oft-repeated story is the impact of global meltdown in 2008. The
story goes like this: as commodity prices crashed, PSM was sitting on
massive unsold inventory and expensive raw material. When it should have
used strong-arm tactics to sell the steel to traders it did nothing.
Consequently, it had to sell the products at a loss from which it never
recovered. In between all of this, steel products were sold to
favourites at a loss while costly raw material was purchased against
kickbacks.
In following months, corruption cases were filed, the apex court took
up the matter, FIA grilled officers, newspapers reported wrong deals
and NAB got involved. But nothing came out of it.
Now as fixing PSM becomes imperative, privatisation has turned out to be a difficult task.
Awais Leghari says in 2006 the government was selling the mills as a
going concern. “We weren’t just selling an asset. We were selling a
business. People failed to understand that.”
With current losses and debt, the government would have to make some
hard choices, he said. “PSM has excess land that could be sold to
generate cash.”
Despite repeated attempts, State Minister for Privatisation Khurram Dastgir Khan didn’t respond.
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