ISLAMABAD (INP): Pakistan Steel Mills regular production has been gaining momentum and the production capacity has risen to 25% from a paltry 3% in May, 2014 owing to the financial package of Rs 18.5 billion specially approved by the ECC for its revival.
CEO, Pakistan Steel, Maj. General (R) Zaheer Ahmed Khan briefed the Federal Minister for Finance, Senator Muhammad Ishaq Dar about the progress of Pak Steel at a review meeting here Saturday. He apprised the Minister that the production is expected to touch the 30% mark by the end of September and should touch 40% in October. It is expected to escalate to 77% of the total 1.1 million ton per annum capacity by end December 2014 which would be a break-even point, nullifying the losses occurring to the Mill, Zaheer Khan added.
The CEO also briefed the Minister about some issues faced by Pak Steel including the imposition of 5% duty on import of iron ore. The Minister responded that the issue would be considered at ECC meeting and appropriate decision taken in this regard. The CEO also requested for relaxation in the condition of advance payment of GST on each imported shipment of raw material. He said it would be easier for Pak Steel to pay the GST on the finished products. Finance Minister gave instructions to FBR to submit the case for decision regarding allowing three months time to Pak Steel for payment of GST.
Secretary Finance, Dr. Waqar Masood, Advisor, Finance Division, Rana Assad Amin, Member Customs, FBR, Nisar Muhammad and DG (ERU), Finance attended the meeting.
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