Relief package: Pakistan Steel receives Rs2.1b

Salaries for 30 days – half of June and half of July – have been disbursed to the employees of the mills.


Our Correspondent August 30, 2014

KARACHI:


The Ministry of Finance has released Rs2.125 billion, out of the fourth installment of Rs2.875 billion, to Pakistan Steel Mills (PSM).


This is part of the restructuring package of Rs18.5 billion approved by the government, according to a press release issued on Friday.

Moreover, salaries for 30 days – half of June and half of July – have been disbursed to the employees of the mills. Additionally, pay slips for June have also been issued to all the employees.

With the release of the installment, PSM will open letters of credit for the purchase of raw material. The remaining amount will be utilised for capital repairs and payment of utility bills of gas, water and electricity.

The management is waiting for the release of the remaining Rs750 million, after which salaries of the remaining 15 days of July will be disbursed, the release added.

PSM is confident that with the release of the 4th tranche of the approved package, will help in achieving the capacity utilisation targets set by the government.

Published in The Express Tribune, August 30th, 2014.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.

COMMENTS

Replying to X

Comments are moderated and generally will be posted if they are on-topic and not abusive.

For more information, please see our Comments FAQ