ISLAMABAD: The Economic Coordination Committee has given approval of Rs 960 million for payment of salaries to workers of Pakistan Steel Mills.
The Pak Steel chairman briefed the meeting about current profile of Pak Steel and said that some difficulties were being faced in production due to power and gas shortage. He also requested ECC’s approval for specific amount for workers salaries. The chairman added that despite difficulties the PSM, boosted by the special PKR 18.5 billion bailout package by the government last year, had achieved 50% production capacity starting from a mere 1%. The PSM management eyed 70% capacity target in March.
The chair while approving the amount for payment of salaries, directed for formation of special committee including secretary finance, chairman/secretary privatization commission, secretary industries, headed by chairman SECP to look into affairs of PSM. He also asked the Privatization Commission to table its proposal for the restructuring of PSM at the next ECC meeting.
