The Pakistan Steel has opened two Letter of Credits for the purchase of 0.11 million metric tons of coal after the clearance of National Bank of Pakistan on Wednesday. These LCs were opened on release of the first trance of the bailout package announced by the government against the business plan of Pakistan Steel, said the PSM spokesman on Thursday.
The National Bank, he said, opened the LCs for the purchase of two shipments of coal from Australia and Canada containing 55,000 metric tons each and a total of about 0.11 million metric tons of coal.
Pakistan Steel is currently in dire need of raw materials including coal and iron ore which are being imported from Canada and Australia.
Moreover, the purchase of iron ore is also in process and soon iron ore shipments will be finalized after completion of necessary formalities. Pakistan Steel Chief Executive Officer Major General (Retd) Mohammad Javed commended the efforts of PSM finance department for its role in the arrangement of the LCs through the bailout package.
He expressed the hope that after the availability of raw materials in continuity Pakistan Steel’s production level would improve according to the business plan.
