ISLAMABAD (APP):  Pakistan Steel Mills (PSM) had suffered Rs 25.535 million losses during financial year 2013-14, Senate informed on Friday. In a written reply to a question of Ms Sehar Kamran, Minister for Industries and Production Ghulam Murtaza Khan Jatoi said the present government has taken a number of steps to improve the performance of PSM including the approval of Rs 2.9 billion on September 7, 2013 for paying salaries, clearance of critical liabilities and working capital.
For regular release of salaries for PSM employees through the Economic Coordination Council (ECC), an amount of Rs 1.68 billion had been released from September 2013 to March 2014.
The ECC has approved Rs 18.5 billion for Restructuring Plan for PSM on April 25, 2014 out of which Rs 15 billion has been disbursed till Dec 2014.
Pakistan Russia Inter Governmental Commission had considered PSM in their meeting in Moscow held in Nov, 2014. Russia has offered $ one billion loan for PSM Rehabilitation and Expansion. Pakistan has suggested acquiring 26 percent equity share in PSM by them.