Pakistan’s Minister for Defence, Khawaja Asif, has stated that the failure to close the Pakistan Steel Mills in 1991 resulted in substantial financial losses, potentially amounting to billions of dollars. Asif suggested a timely closure could have mitigated significant economic damage. The statement highlights ongoing debate surrounding the performance and future of the state-owned enterprise. The Pakistan Steel Mills has faced persistent financial difficulties and operational challenges for decades. Previous attempts at privatization have been unsuccessful, contributing to the continued drain on national resources. Asif’s remarks come amid renewed discussions about restructuring or potentially privatizing the mills to address the long-standing financial burden. The minister did not detail specific figures regarding the estimated losses, but emphasized the scale of the financial impact.