The News reported that the Pakistan Steel Mills has opened a LC for the import of 55,000 tonnes of coking coal from Australia, immediately after it received a loan of PKR 6 billion for purchasing raw materials.

A PSM official said that the government has provided a guarantee of Rs6 billion to the National Bank of Pakistan and the bank issued the LC on the basis of same guarantee.

The PSM spokesman said that the acting chief executive officer of the mills, Wasif Mahmood, summoned a meeting of the directors and senior officials of the mills on Friday, and asked them to apply full force for reviving PSM with the provided loan.

He said that the fund would only be used for the import of raw material like coal and iron ore and ensured that the fund would be used in transparent manners, he added.

(Sourced from thenews.com.pk)