Federal Secretary for Production Sajjad Salim Sajjad Hotiana visited the Pakistan Steel Mills (PSM) to be appraised of the company’s road map for revival in light of the upcoming government bailout.
The federal secretary was informed the management is eager to make the company a profitable organisation.
The management urged the secretary to make the Rs11 billion government bailout package available to the PSM at the earliest to allow the company to increase capacity utilisation to 80%. Secretary production was informed that PSM can obtain a production level of 60% by August this year.
He was also informed about that difficulties being faced by PSM in acquiringore and coal, because of which production has gone down to mere 20%. The minister was informed that PSM need Rs3 billion immediately to be able to continue operating.
Published in The Express Tribune, May 28th, 2013.
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