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Thursday February 22nd 2018

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Government rescues Steel Mills


ISLAMABAD: Prime Minister Yousaf Raza Gilani on Friday approved Rs 25.1 billion bailout package for Pakistan Steel Mills, saying that the PSM will not close down as it is a national asset which has to be managed both professionally and commercially.

The premier linked the bailout package to improved performance and said that politicisation of or interference in the affairs of the PSM will not be allowed.

The proposal for the bailout package was given by the Ministry of Industries and Productions at a special meeting held at the Prime Minister’s House. The meeting reviewed various options available to the government to resolve the PSM crisis.

According to reports, Rs7.8 billion will be released soon to purchase raw material for the PSM. A sum of Rs3.3 billion will be released this month for immediate needs and expenditures and Rs6.6 billion will be released next month for selective requirements.[Read More]