Restructuring: PSM receives last tranche of Rs3b
PSM management used the last tranche to disburse salaries among employees and procured raw material like metallurgical coal and iron ore. PHOTO: REUTERS
The ministry of finance has released Rs3 billion – the last tranche of the Rs18.5-billion approved financial restructuring package – to the Pakistan Steel Mills (PSM).
According to the spokesperson, the PSM management used the last tranche to disburse salaries among employees and procured raw material like metallurgical coal and iron ore. In addition to these, payments of various utility bills have been made possible.The received amount will be utilised as per the approved plan by the Economic Coordination Committee (ECC), said the release.
The last installment will be used in dispersing October 2014 salaries. Moreover, for the salaries of November and December 2014, a summary has already been sent to ECC for approval.PSM CEO Major General (R) Zaheer Ahmed Khan, while appreciating the efforts made by the workforce, said the release of the last tranche will help achieve 77% (breakeven point) capacity utilisation by April, 2015.
Published in The Express Tribune, January 20th, 2015.