KARACHI: Pakistan Steel Mills has received Rs 2.125 billion out of Rs 2.875 billion of 4th installment of 1st tranche of its restructuring package of Rs 18.5 billion approved by the Federal Government.
A PSM release said that the amount of Rs 2.125 billion released by Federal Finance Ministry has been utilized for payment of thirty days’ salary (half of June and half of July) to PSM employees. Letters of Credit (L/Cs) for procurement of raw materials will be opened, and the remaining amount will be used for capital repairs and payment of utility bills, that is, SSGC, KWSB and K-Electric bills.
Pakistan Steel Management is in continuous contact with the Ministry of Finance through Ministry of Industries and Production for the release of remaining amount of Rs 750 million of 1st tranche. On its receipt, the salary for half month of July will be disbursed to the employees.
Pakistan Steel management is confident that with release of 4th tranche of the approved package, production of the mill would improve further and will help in achieving the capacity utilization targets set by the government.