Restructuring package: Steel mill receives Rs1.75b

The management has also decided that salary for 45 days, from mid-July till the end of August, will be disbursed


Our Correspondent September 30, 2014

KARACHI:


Pakistan Steel Mills (PS) on Tuesday said that it has received Rs1.75 billion. The payment is part of the restructuring package of Rs18.5 billion that the government had announced for the mill. 


It is the first installment of the second tranche of the Rs18.5-billion package. The released sum includes Rs1 billion as the current installment, while Rs750 million is for the remaining amount of the fourth installment of the first tranche, the press release said.


The management has also decided that salary for 45 days, from mid-July till the end of August, will be disbursed. Moreover, the remaining amount will be utilised for the opening of letter of credit (L/C) for procurement of imported raw material (coal or iron ore) local raw material, capital repairs, and payment of utility bills.

Published in The Express Tribune, October 1st, 2014.

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