Business Recorder reported that Pakistan Steel Mills has started preparation for procurement of raw material to meet its demand after bank guarantee fund of PKR 6 billion provided by the Federal Government.

Mr Wasif Mehmood acting CEO of PSM said “Funds will be utilized in a transparent manner to provide financial stability to the Mills.”


Presiding over a meeting of senior officers of the PSM on Friday, he said that the management will play its role effectively to bring the Mills out of financial crisis.

He said that the management would adopt short- and long-term measures which would bring positive results and increase the production of the Mills.

It may be mentioned that the PSM imports from Canada, Australia and other countries raw material including iron ore and coal for production of steel, a PSM spokesman said in a statement.

(Sourced from brecorder.com)