KARACHI: The chimneys of Pakistan Steel Mills (PSM) have once again started to billow smoke after remaining off for six consecutive days, as Karachi Electric Supply Company (KESC) restores its electricity upon receiving cheques for clearance of dues.
According to PSM officials, the KESC has been issued 24 post-dated cheques of Rs15 million each and add up to make a total of Rs360 million. Besides, the PSM has also handed over a cheque of Rs320 million to the KESC. So, in total the PSM issued Rs680 million post-dated cheques to the KESC towards clearance of outstanding bills.
The KESC officials have made it clear to the PSM that in case any of the post-dated cheques bounced, its power supply would be disconnected without serving of any notice.
PSM has been facing severe financial crunch for a long time. The severity of the issue can be gauged from the fact that 16000 employees of the state-owned organization have not received salaries for the past two months.