Reviving: PSM’s production capacity reaches 36%

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.