PSM receives 2nd tranche of Rs.2.55 billion

Sameer Nazir

KARACHI:  Ministry of Finance, Government of Pakistan, Islamabad has released the sum of Rs.2.55 billion to Pakistan Steel Mills today.

The amount is the 2nd installment of the 1st tranche of the approved restructuring package of Rs. 18.5 billion from the Government of Pakistan.Pay slip for the month of April-2014 has been issued to all the  employees  of  Pakistan  Steel.

Moreover,  two  L/C’s  for procurement  of  Raw  Materials  have  also  been  opened.  The remaining amount will be utilized for payment of utility bills i.e. SSGC, KW& SB and K-Electric bills etc.

Pakistan  Steel  management  is  confident  that  with  the release of the 2nd tranche of the approved package, production of the mill would start improving to achieve the capacity utilization targets set by Government of Pakistan.