KARACHI:
The production capacity of Pakistan Steel Mills (PSM) has jumped to 36%, a company press release said on Saturday.
According to the release, the production capacity of the mill jumped to 16% on November 13, 25% on November 14 and 36% on November 15 owing to the overhauling of the blast furnace that was badly hit in a recent incident and brought PSMC to a standstill.
Now, after more than a month, the mill is back on its previous production levels. In April this year, the government approved a restructuring package of Rs18.5 billion for PSM to achieve a respectable production target of over 75% by February 2015. However, now PSM officials say the mill needs another Rs8 billion to overhaul some of the basic infrastructure.
The mill requires a strong money injection of about Rs20 billion to purchase raw materials and be able to return the mill on optimal production levels.
Published in The Express Tribune, November 16th, 2014.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS (3)
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ
a great news. IN SHA ALLAH PSM will achieve its production goal set by govt. our CEO is playing vital role in restructuring of PSM and betterment of all employees.
The PSM died a long time ago.......but our politicians / bureaucrats can make money out of the dead .....and so its propped up as still breathing...........disgraceful.
Steel mill is no longer in public interest. So close it as a quick step n selling it is a better option n employee should be paid allowace by govt till it sold off.