KARACHI: The federal government has given Pakistan Steel Mills (PSM) Rs960 million for disbursement of two-month (March-April) salary to its employees.
The Ministry of Finance released the amount after approval by the Economic Coordination Committee (ECC) meeting held under the chair of Finance Minister Senator Ishaq Dar.
According to the PSM press release, a new operational plan to achieve 77% capacity utilisation of 1.1 million tons production by December and an average of 57% capacity utilisation in the next six months with bare-minimum fund requirement has also been forwarded for consideration to the ECC.
The plant got some life after the government’s bailout of Rs18.5 billion in April 2014.
The PSM, in its release, stated that 27% capacity utilisation was achieved in six to eight months after a gap of four years, 50% was achieved on January 7, and 65% on March 10, 2015, after which reduction in gas pressure began.
