It is reported that Pakistan Steel Mills is currently preparing a bailout proposal to the Ministry of Finance.

As per report, PSM expected to solve the company's financial problems and the shortage of raw material as the funds are approved by the Ministry of Finance. Furthermore, the company can enhance its capacity utilization rate.

A PSM spokesman indicated that PSM will not face closure as it has sought to maintain the supply of raw material. He added that two shipments with 55,000 tonnes of Indian fine iron ore and 55,000 tonnes of coal will arrive at PSM this month, helping the company remain its production.

In addition, PSM is facing the loss of PKR 40 billion because of low capacity utilization rate caused by the high coal prices in the global market and its credit crisis.

(Sourced from www.yieh.com)