ISLAMABAD - The Senate Standing Committee on Industries and Production Friday summoned Chairman Pakistan Steel Mills, Moin Aftab Sheikh, to explain his position over the financial irregularities worth billion of rupees in the PSM . Committees Chairman Senator Ishaq Dar chaired the meeting while Minister for Industries and Production Mian Manzoor Ahmad Wattoo and chairman PSM were also present on the occasion. Chairman PSM briefed the meeting regarding the revenue generated and loss sustained by the Mills. He said that the PSM earned Rs 19 billion a year over the last eight years and sustained a loss to the tune of Rs 22 billion during the last 11 months. Member of the committee Haroon Akhtar wondered how a profit-earning body went in losses despite curtailing its production from 82 per cent to 65 per cent. He said there was something wrong with the PSM , which pushed it to the trench of losses. Managing Director PSM said that main reason behind the loss was increase in cost of production due to hike in prices of raw material. The secretary industries and production said the ministry was informed about the losses but if the PSM were closed down, it would have met with heavy losses. Some senators apprehended non-existence of check and balance in the organisation fearing that the previous management might have been under selling steel to some particular party even below production cost, which in turn was making a lot of money. Otherwise this situation would not have been so worse, the committee also asked for providing party-wise record of last three years. Manzoor Wattoo said he would not support privatisation of the PSM even after it was sustaining losses. Dar expressed utter dissatisfaction over the state of affairs at the PSM and directed its chairman to provide details of the Mills accounts, rules and regulations and other information to the committee by next date of hearing. Senators Adnan Khan, Gul Muhsmmad Lot, Ahmad Ali, Abdul Haseeb Khan, Ilyas Ahmad Bilour, Hasil Khan Bizenjo, Semeen Siddiqui, and Haroon khan also attended the meeting.