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Rs.18.5 billion bailout package: Pak Steel likely to become profitable in April 2015

KARACHI: Pakistan Steel Mills will be able to give profit during the current financial year, the production has risen up to 45 percent of the total capacity of PSM as a result of the government’s bail out package.
Pakistan Steel’s shutdown plants have been made operational once again and 0.3 million metric tones raw material– iron ore and coal-induction is expected soon as L/Cs are being opened, said PSM statement.
On account of Rs.18.5 billion bail out package, PSM’s production has significantly increased and till April 2015 it will cross the break-even point.
As a result of this package, Pakistan Steel’s projected losses in 2014-15 have decreased by Rs 9 billion compared to those in 2013-14, and during the fiscal year 2015-16 the losses will come down by Rs 20 billion.
This is a big achievement for the government, and PSM management and workers. When Chief Executive Officer of Pakistan Steel Mills, Major General (Retd) Zaheer Ahmed Khan took over on April 7, 2014 the mill was operating at 1.4 per cent of its total production capacity.

Of total amount of the package, Rs.9 billion were allocated for importing raw material. There is good stock of iron ore and coal available in PSM’s stock yard and another two ships– one by the end of this month and second in the first part of February 2015- will arrive at Port Qasim.

customstoday

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