Bailout: PSM receives Rs500m as second tranche

The amount will be utilised for payment of October 2014 salary to the employees

KARACHI:

The government has released Rs500 million to the Pakistan Steel Mills (PSM) as part of its second tranche of the 3rd installment of the bailout package promised to the organisation.

The received amount will be utilised for payment of October 2014 salary to the employees, which will be disbursed this week, said a press release on Wednesday.

Earlier, an installment of Rs 1.5 billion was released to PSM, which was also used for paying employees’ salary for the month of September 2014.

Pakistan Steel management is confident that with the timely release of the installments of the approved package, the production of the mill would further improve. This would also help in achieving the capacity utilisation target set by the government.  On this occasion, Chief Executive Officer of Pakistan Steel Mills, Major General (Retd) Zaheer Ahmed Khan thanked the government especially federal ministries of finance, privatisation, industries and production for their positive role.

Additionally, he also appreciated the employees’ efforts for the revival of PSM. 

Published in The Express Tribune, December 18^th,  2014.

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