PSM receives Rs.2.125 from govt: Spokesman

KARACHI (DNA): Ministry of Finance, Government of Pakistan, Islamabad, has released the sum of Rs.2.125 billion from 2.875 billion to Pakistan Steel Mills.


The amount is the 4th installment of the 1st tranche of the approved restructuring package of Rs.18.5 billion from the Government of Pakistan, says a press statement issued by Pakistan Steel Mills spokesman Friday.


Furthermore, salary for thirty (30) days i.e. (Half June and Half July) has been disbursed among the employees of PSM. Moreover, pay slips for the month of June has also been issued to all the employees. It is pertinent to mention here that L/C’s for procurement of Raw Materials will be opened and the remaining amount will be utilized for capital repairs, and payment of utility bills i.e. SSGC, KW&SB and K-Electric bills etc.


Moreover it is imperative to mention that Pakistan Steel Management is in continuous contact with Ministry of Finance through Ministry of Industries and Production for releasing of remaining amount of Rs. 750 million, after which the remaining fifteen (15) days salary of July will be disbursed accordingly.


Pakistan Steel management is confident that with the release of the 4th tranche of the approved package, production of the mill would further improve and will help in achieving the capacity utilization targets set by Government of Pakistan.

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