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PSM seeks Rs8b for overhauling, Rs4.5b for boosting production

PSM seeks Rs8b for overhauling, Rs4.5b for boosting production

KARACHI: Pakistan Steel Mills’ (PSM) Board of Directors has decided to move a summary to the Economic Coordination Committee (ECC) seeking another Rs12.5 billion to boost production and overhauling.

The PSM will request Rs8 billion from the government for capital repairs and modernisation of the plant, while an additional Rs4.5 billion package will be sought to meet the production targets.

The board, which met under the chair of Secretary Ministry of Industries and Production Raja Hassan at zonal sales office on Friday, decided to seek the formal approval of the ECC to the extension in the production target by two and a half months.