KARACHI - Pakistan Steel Mills spokesman said that two shipments of raw material are scheduled to arrive this month. He said that these ships containing 55,000 Mt Iranian fine iron ore and 55,000 Mt coal will help Pakistan Steel to maintain its production wheel run smoothly.
In a clarification statement issued on Wednesday, he added that there is no chance of closure of PSM as the current management is trying to maintain the supply chain of raw materials.
He informed that Pakistan Steel due to low capacity utilisation is currently facing accumulated loss of about Rs 40 billion and the total liabilities as on September 15, 2011 are Rs55.497 billion, while the salaries of workers and officers are still being made on monthly basis without fail. Salaries for the month of August, 2011 to all officers and workers have already been disbursed.
The PSM Board has finalised a bailout proposal which is under study by the auditors, and proposal will be sent to Govt after Boards approval and as soon the funds are arranged, PSM can quickly achieve higher capacity utilisation and can climb to breakeven within short span of time.