Rejoinder: PSM lists bailout package usage details

KARACHI: With regards to a report published in The Express Tribune titled, “Bailout package for PSM approved” on April 24, 2015, the Pakistan Steel Mills (PSM) has clarified that the Rs9-billion bailout given by the government was used for raw material – still intact in the form of inventory – payment of three-month salaries, utility bills and old liabilities of spares, stores procured. Additionally, Rs1 billion was spent on meeting gratuity and provident fund liability needs, added the PSM statement. The statement also said that the management has achieved 42% capacity utilisation, adding that “what has been achieved is termed by those who know the plant as a miracle”.

Published in The Express Tribune, April 25^th, 2015.