Two vessels carrying 110,000 matric tonnes (MT) of metallurgical coal from Australia arrived at Port Qasim, said a PSM spokesman Friday.
At least 55,000 MT of the imported coal has been shipped by Mega Ocean at the Pakistan Steel Mills Jetty on Friday. While another ship, Mega Lohori, carrying 55,000 MT of metallurgical coal from Australia, also has arrived at the outer anchorage of Port Qasim.
It is pertinent to mention that this was the first shipment of 110,000 MT of metallurgical coal to be received by PSM with the help of the received amount of Rs 4.2 billion from the approved financial restructuring package of Rs 18.5 billion from the federal government. The PSM workers and staff are working hard for the revival of this national asset under the leadership of Chief Executive Officer Major General (r) Zaheer Ahmed Khan.
The arrived raw material will help in increasing the production level to 20 per cent in July and in achievement of subsequent targets set by the government, 77 per cent, by January 2015.
However, the timely release of financial facilities would be of pivotal importance. The PSM management thanked the federal government, especially ministries of industries and production, privatisation commission, ministry of finance, related organisations and forums for their positive role in the revival of Steel Mills.
On the occasion the CEO and management of Steel Mills congratulated the employees with whose efforts and prayers the much-awaited revival of PSM has begun. It is also pertinent to mention here that one more iron ore L/C for 50,000 Metric tons will be opened on Monday.
