ISLAMABAD: Following a shutdown due to deepening financial crisis, Pakistan Steel Mills (PSM) say that it has to be shutdown if they are not paid Rs. 10 billion immediately.
According to a letter from officials of PSM, they have said that mills has nothing in its hand to run out the daily operations.
“If the bail out package amount Rs. 10 is not paid immediately, then we have to close down the mills,” they warned to the federal government.
Previous government had approved a bail out package amounting Rs. 38 billion; however, they mismanagement and miscellaneous expenses have eaten up the whole amount instead of using it for the production.