KARACHI: Ministry of Finance Islamabad has released a sum of Rs 2.85 billion to Pakistan Steel Mills (PSM) on Monday. The amount is the 3rd installment of the 1st tranche of the approved restructuring package of Rs 18.5 billion approved by the government.
Salary vouchers for forty-five days i.e (full May and half June) has also been disbursed among the employees of PSM. Moreover, pay slip for May 2014 has been issued to all the employees of Pakistan Steel.
License of Credit for procurement of raw materials will be opened and the remaining amount will be utilised for payment of gratuity, capital repairs and utility bills etc.
PSM management is confident with the release of the 3rd tranche of the approved package, production of the Mill would start improving to achieve the capacity utilisation targets set by government.
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