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Pakistan Steel gets PKR 500 million for salaries

The finance ministry has released PkR 500 million to Pakistan Steel Mills for paying salaries to its more than 15,500 employees for October 2014.

Last week, the state run steel manufacturing firm disbursed salaries for the month of September after receiving PKR 1.5 billion in the sixth tranche of the bailout package worth PKR 19 billion.

The ministry has so far released a total of PKR 15.5 billion, including the latest tranche of PKR 500 million.

PSM’s management wrote a letter to the finance ministry for an early release of the above mentioned tranche in order to pay salaries for October. The move came after the steel mill’s employees staged a protest in front of the chief executive officer’s office last week for the release of the salaries.

The spokesman said that the PSM resumed production from the blast furnace no 2. It is being run on the test trial. It will start giving proper production in less than a week time. At present, Pakistan Steel is utilising 30% to 35% of its total production capacity of 1.1 million tonnes per year.

The management is confident that with the timely release of the installments from the approved package, the steel production will further improve and help in achieving the capacity utilisation target set by the government.

Source – The News

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