ISLAMABAD - Pakistan Steel Mills had faced huge financial losses worth of over Rs 70 billion during previous four years period mainly due to low production, decrease in sales and high prices of important raw material.Federal Minister for Production Anwar Ali Cheema has informed the Senate in a written reply that Pakistan Steel Mills (PSM) had faced Rs 70.9 billion losses during the last four financial years (2008-09 to 2011-12). Meanwhile, the annual production capacity of the PSM had also declined by over 50 per cent in last three years to 19 per cent in 2011-12 from 40 per cent of the year 2009-10. The PSM production declined to 204,064 metric tonnes in 2011-12 from 44,4390 metric tonnes 2009-10.The PSM had faced losses worth of Rs 25.526 billion in 2008-09, Rs 11.566 billion in 2009-10, Rs 12.434 billion in 2010-11 and Rs 21.434 billion in the last financial year 2011-12. The Minister termed the following reasons responsible for the huge losses in PSM are as decrease in sales, high prices of imported raw material, low capacity utilisation and inventory valuation at net realisation value.He informed that government has approved a bailout package for the revival and revitalisation of the PSMMeanwhile, Federal Minister for Commerce Makhdoom Amin Fahim has informed the Upper House of the parliament in a written reply that Pakistan had faced higher trade deficit of $36.875 billion in last two financial years (2010-11 and 2011-12) due to the increase of petroleum, food and machinery prices which form the bulk of country’s imports.Federal Minister for Industries Ch Pervez Ellahi in written reply informed that 1579 industrial units have been closed down in the country during last five years due to energy shortage, high cost of capital, poor technology and productivity. The break-up of 1579 industries revealed that 115 units have been closed down in Punjab, 700 in Sindh, 688 in Khyber Pakhtunkhwa, 29 in Balochistan and 47 in Export Processing Zone Authority (EPZA).The Minister informed that government took several steps for the revival of sick industries of the country that included write off of all loans. Federal Minister for Food Security and Research Mir Israrullah Zehri informed that according to the national nutrition survey 2011 conducted by the Benazir Income Support Programme (BISP), around 58 per cent of the population was food insecure. Of the total food insecure population, 29.6 per cent population was food insecure with hunger/severe hunger.