Board of Directors of Pakistan Steel Mills briefed about financial status, Business Plan, marketing issues and employees related matters in meeting held on 18th November 2015

Karachi, November 18, 2015 (PPI-OT): The Board of Directors was briefed about the financial status, Business Plan, marketing issues and employees related matters in the meeting held on 18-11-2015 in PAKISTAN STEEL, Zonal Office, Islamabad. The supply of natural gas to PSM also discussed in the meeting, the board showed its serious concerned and observed that time is the essence and of prime importance in view of serious financial, technical and logistics issues faced by the Mill. The government should take firm decision without loss of time about this strategic assets whether to run it as a going concern or close, it down.

The Board resolved that employee’s salaries for the last three months be also released by government of Pakistan to alleviate dire state of workforce at the earliest. In case the government decides to run the corporation as a going concern then an amount of Rs. 9.3 billon be also approved to cater for raw material supply to run the plant and avoid serious damages to its critical equipment such as Blast Furnaces and Coke Ovens, as well as few months salaries and two months initial payment to SSGC for gas supply.

For more information, contact:
Mohsin Ali Naqvi
Secretary
Pakistan Steel Mills Corporation (Pvt.) Limited
Pakistan Steel Bin Qasim
Karachi 75000
Pakistan
Tel: +92-21-99264222, +92-21-34750271
Cell: +92-300-4483558
Fax: +92-21-34750156, +92-21-34750923
Email: info@paksteel.com.pk
Website: www.paksteel.com.pk