Restructuring package: PSM receives Rs2.85b

KARACHI:

The Ministry of Finance has released a sum of Rs2.85 billion to the Pakistan Steel Mills (PSM).

The amount is the third installment of the first tranche of the approved restructuring package of Rs18.5 billion from the government.

Furthermore, the salary for 45 days, starting May, has been given to the PSM employees. Moreover, pay slip for May has been issued to all the employees of Pakistan Steel Mill. It is pertinent to mention here that LCs for procurement of raw materials will be opened and the remaining amount will be utilised for payment of gratuity, capital repairs and utility bills (Sui Southern Gas Company, Karachi Water and Sewerage Board and K-Electric bills).

The mill management is confident that with the release of the third tranche of the approved package, production of the mill would start improving to achieve the capacity utilisation targets set by government.

Published in The Express Tribune, July 22^nd, 2014.

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