Ministry of Finance, Government of Pakistan, Islamabad, has released the sum of Rs 2.85 billion to Pakistan Steel Mills (PSM) on Monday. The amount is the third instalment of the first tranche of the approved restructuring package of Rs 18.5 billion from the Government of Pakistan. Furthermore, salary for forty five (45) days ie (Full May and Half June) has been disbursed among the employees of PSM.
Moreover, pay slip for the month of May-2014 has been issued to all the employees of Pakistan Steel. 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 payment of gratuity, capital repairs and utility bills ie SSGC, KW&SB and K-Electric bills etc. Pakistan Steel management is confident that with the release of the third tranche of the approved package, production of the mill would start improving to achieve the capacity utilisation targets set by Government of Pakistan.-PR