Bailout package: PSM receives Rs1.5b from the govt
PSM officials say that the enterprise will disburse the June and July salaries of the employees on Monday.
PSM officials expect that the government will also disburse the remaining Rs1.5 billion next month. PHOTO: FILE
KARACHI:
Pakistan Steel Mills (PSM) on Friday received Rs1.5 billion from the federal government. The cash is part of Rs3 billion bailout package that the government had recently approved for the state-owned enterprise.
PSM officials say that the enterprise will disburse the June and July salaries of the employees on Monday.
The two-month salary of PSM employees will consume over Rs800 million that is more than half of the total amount received, while the rest of the money will be used for buying raw materials like iron-ore, coal and different chemicals.
PSM officials expect that the government will also disburse the remaining Rs1.5 billion next month. The Steel Mils is facing severe raw material shortages which has critically hurt production capacity.
Published in The Express Tribune, September 21st, 2013.
Pakistan Steel Mills (PSM) on Friday received Rs1.5 billion from the federal government. The cash is part of Rs3 billion bailout package that the government had recently approved for the state-owned enterprise.
PSM officials say that the enterprise will disburse the June and July salaries of the employees on Monday.
The two-month salary of PSM employees will consume over Rs800 million that is more than half of the total amount received, while the rest of the money will be used for buying raw materials like iron-ore, coal and different chemicals.
PSM officials expect that the government will also disburse the remaining Rs1.5 billion next month. The Steel Mils is facing severe raw material shortages which has critically hurt production capacity.
Published in The Express Tribune, September 21st, 2013.