The most important component that is lacking
ISLAMABAD: We frequently hear about our economic potential, but we hardly ever hear about our utter inability to extract value from it. The purpose of this essay is to illustrate the negative effects of this phenomena by utilizing the case of Pakistan Steel Mills (PSM).
The problem can be related to the enormous oddity that bureaucrats remain essentially in charge of the institutions driving the economy, whereas in the modern era of knowledge-based economies, professionals have long filled this position in all successful economies.
about the absence of the discovery of iron about 1200 BC, the history of humanity would have been drastically different. It increased man’s mobility and ability to create by facilitating farming and providing more powerful weapons for combat. In 1951, a German company was hired to do initial research into
When man discovered how to produce steel, or more specifically carbon steel, by adding carbon to it, which gives iron more ductility and strength, this increased its usefulness even more. This 500 AD discovery is what hastened man’s progress toward the industrial revolution. Salzgitter AG of Germany then corroborated these findings by producing 5,000 tons of steel from the reserves in 1966.
China produces half as much as India, Pakistan only produces 3.2% of what India produces, and Pakistan produces 10% of what India produces. The Pakistani government commissioned an American corporation, which delivered its study in 1950, to suggest workable ways for acquiring crude steel.
the local iron ore, the findings of which verified its potential. Further exploration of the area revealed a sizable ore deposit near Kalabagh, and the German steel titan Krupp offered to build a mill there in 1956. Salzgitter AG of Germany then corroborated these findings by producing 5,000 tons of steel from the reserves in 1966.
Published in EDP BLOGS on August 21,2023.
