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Pakistan Steel seeks Rs1.5bn

Karachi: Pakistan Steel Mills (PSM) has sought release of Rs1.5 billion, approved by the Economic Coordination Committee (ECC), to disburse 45-day salary of 16,000 employees.

Spokesperson of PSM Shazim Akhtar said that the mills had approached the finance ministry through ministry of industries requesting immediate release of the said amount ordered by the ECC in its Jan 16 meeting.

A senior official of ministry of industries stated that production at the mills had nosedived to one to 1.5 per cent due to acute shortage of raw materials.

However, the PSM spokesman said that the production had remained an average six per cent during July-December 2013. However, this month it ranged two to five per cent.

Meanwhile, sources said that the PSM management had managed 30 days of raw material for maintaining five per cent production which included 32,000 tonnes iron ore, 6,000 tonnes of coke while another 10,000 tonnes of coke would reach next week.

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