News Column

Pakistan Steel Mills has received Rs.4.2 billion from Govt: PSM

May 21, 2014

Ministry of Finance has released the sum of Rs.4.2 billion to Pakistan Steel Mills. The amount is the first tranche of the approved restructuring package of Rs.18.5 billion from the Government of Pakistan.

Pay slips for two months salaries (February 2014 and March 2014) of all the employees have been issued. Moreover, two L/C's for procurement of Coking Coal each of 55,000 Metric Tonnes amounting to Rs.1.5 billion have been opened. The remaining amount will be utilized for payment of utility bills, capital repairs and disbursement of payment to suppliers. As the news for the payment of salaries was floated a wave of happiness ran among all the employees of PSM. We are hopeful that the recent approved package by Government of Pakistan will help PSM to bounce back into the market.

Pakistan Steel management is confident that with the release of the first tranche of the approved package, production of the mill would start improving to achieve the targets set by Government of Pakistan.

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Source: Daily Messenger (Pakistan)

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