The ministry of finance has released a sum of Rs 2.125 billion from 2.875 billion to Pakistan Steel Mills. The amount is the fourth installment of the first tranche of the approved restructuring package of Rs 18.5 billion from the government of Pakistan.
Furthermore, salary for thirty 30 days, half June and half July, has been disbursed among the employees of PSM. Moreover, pay slips for the month of June have also been issued to all the employees. It is pertinent to mention here that L/C’s for procurement of raw materials will be opened and the remaining amount will be utilised for capital repairs, and payment of utility bills – SSGC, KW&SB and K-Electric bills etc.
Moreover it is imperative to mention that Pakistan Steel management is in continuous contact with the ministry of finance through the ministry of industries and production for releasing of remaining amount of Rs 750 million, after which the remaining 15 days salary of July will be disbursed accordingly.
The Pakistan Steel management is confident that with the release of the fourth tranche of the approved package, production of the mill would further improve and will help in achieving the capacity utilization targets set by the government of Pakistan.
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