ISLAMABAD: Minister for Industries and Production Ghulam Murtaza Khan Jatoi has informed Senate that Pakistan Steel Mills (PSM) had witnessed Rs25.535 million losses during fiscal year 2013-14.
He informed the Senate in a written reply to a question of Sehar Kamran. Jatoi said the the government has taken a number of steps to improve the performance of PSM including the approval of Rs2.9 billion on September 7, 2013 for paying salaries, clearance of critical liabilities and working capital.
For regular release of salaries for PSM employees through the Economic Coordination Council (ECC), an amount of Rs1.68 billion had been released from September 2013 to March 2014.
The ECC has approved Rs18.5 billion for Restructuring Plan for PSM on April 25, 2014 out of which Rs15 billion has been disbursed till Dec 2014.
Pakistan Russia Inter Governmental Commission had considered PSM in their meeting in Moscow held in Nov, 2014. Russia has offered $ one billion loan for PSM Rehabilitation and Expansion. Pakistan has suggested acquiring 26 percent equity share in PSM by them.
