Wednesday , August 21 2019
Breaking News
Home / Business / Pakistan Steel Mills receives 73,000 MTN of Iron Ore
Pakistan Steel Mills receives 73,000 MTN of Iron Ore

Pakistan Steel Mills receives 73,000 MTN of Iron Ore

KARACHI: Two cargo vessels namely M.V. Alam Murni and M.V. Eastern Star reached at Pakistan Steel Jetty, Port  Qasim during last week.

The Vessel M.V. Alam Murni carrying 50,000 MT iron ore of Brazilian origin is currently discharging the cargo and Vessel M.V. Eastern carrying 23000 MT iron ore is at the outer, said a press release of Pakistan Steel.

With the arrival of latest ships, the total quantity of raw materials stock has increased to 150,000 MTN Coal and 100,000 MTN of Iron Ore (Lump/Fine). Pakistan Steel Management is confident that with the arrival of these ships the production and capacity utilization (CAPU) will further increase helping to achieve the targets set by government.

From the bailout package of Rs. 18.5 billion provided by the current government, the fund allocated for raw material amounting Rs.9 billion was utilized accordingly and the material of Rs.9.4 billion is still available in the inventory, either in the form of raw material or in the form of steel slabs/finished products.

The remaining amount of bailout package mostly consumed for three months prior salaries and utility bills and old liabilities of spares, stores procured and one billion against Gratuity and Provident Fund liabilities while only six months future salaries amounting Rs. 3 billion were provided till break-even is achieved.