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Pakistan Steel Mills fires over 4,500 employees

10:26 AM | 28 Nov, 2020
Pakistan Steel Mills fires over 4,500 employees

ISLAMABAD – The Pakistan Steel Mills on Friday terminated over 4,500 of its employees including the Divisional and Assistant Managers.

As per the PSM spokesperson, all of these employees were fired in the wake of an emergency meeting chaired by the PSM chief executive officer at the CEO Secretariat.

PSM administration confirmed that officials belonging to category 2,3, and 4 pay groups have been dismissed from their jobs.

The management has started the process of sending termination letters to the residential addresses of the sacked employees.

Chairman Peoples Party Bilawal Bhutto slammed the federal government for terminating the PSM employees. Taking it to Twitter, he said, The heartless government’s sacked 4500 workers of Pakistan Steel Mills. PPP will return each & everyone back to work. The land of this historical industrial asset belongs to the people of Sindh, we will not let the PTI get away with this economic murder. Sack Imran, not workers.

PSM employees staged a protest against the sacking of over 4,500 employees. The protesters blocked the roads with burning tyres. 

Regretting that the case against the appointment of Steel Mills Chief Executive is not being heard, the PSM official said that the current plan to rehabilitate Pakistan Steel Mills will cause further damage.

Earlier, Minister for Industries & Production Hammad Azhar had said that the government has decided to privatise PSM as it had “become a burden on the national exchequer”.

Daily Pakistan Global Web Desk

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Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 18 April 2024

Pakistani currency continues to gain against US Dollar and other currencies on April 18, 2024. US dollar was being quoted at 277.2 for buying and 280.3 for selling.

Euro comes down to 293 for buying and 296 for selling while British Pound stands at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 18 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.2 280.3
Euro EUR 293 296
UK Pound Sterling GBP 342.25  345.65 
U.A.E Dirham AED 75.25  75.95
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 739.63 747.63
Canadian Dollar CAD 201 203
China Yuan CNY 38.45 38.85
Danish Krone DKK 40.45 40.85
Hong Kong Dollar HKD 35.57 35.92
Indian Rupee INR 3.32 3.43
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 902.26 912.91
Malaysian Ringgit MYR 58.24 59.52
New Zealand Dollar NZD 164.75 169.63
Norwegians Krone NOK 25.42 25.68
Omani Riyal OMR 722.1 730.1
Qatari Riyal QAR 76.37 77.05
Singapore Dollar SGD 206 208
Swedish Korona SEK 25.72 26.02
Swiss Franc CHF 307.11 309.61
Thai Bhat THB 7.56 7.76

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