Business

PSM’s production capacity increases to 22pc

KARACHI: Pakistan Steel Mills (PSM) has received the first tranche worth Rs. 1 billion of its second bailout package amounting Rs. 3 billion, ARY News reported.

PSM spokesman, Shazim Akhter said salaries to the employees for the month of July and August will be paid from the amount received. He said salaries slips in this regard have been issued.

“The rest of the amount will be utilized for paying utility bills as well as for the buying of raw material”, he added.

Previously, the Government had issued Rs. 13.50 billion to PSM in different tranches from the financial restructuring package worth Rs18.5 billion announced for reviving the giant industrial complex.

According to PSM Chief Executive Major General (retired) Zaheer Ahmed Khan the country’s largest industrial mega corporation’s production capacity has been increased to 22 per cent during the month of September and it likely to touch 45 per cent in the month of October.

He said management not only doing arrangements for continuous import high quality iron ore and metallurgical coal but also taking measures for the production of standardized products.

 

 

 

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