KARACHI - Pakistan Steel Mills Chief Executive Officer Major General Mohammad Javed has said continuous availability of raw material would improve the production level of PSM.
“Moreover PSM is still seeking purchase of iron ore and tenders are in process. Soon, iron ore shipments will be finalized after completion of necessary formalities,”he said.
Pakistan Steel recently purchased 2 ships containing 110000MT of coal which arrived last month from Autralia and Canada. He said that after opening of LC the raw material takes about more than sixty days journey and process to reach Pakistan Steel. This transitional period must be included in the count down, he added.
PSM spokesman said that Pakistan Steel has opened an LC of 50000 MT coal from Australia and opened a LC for purchase of 50,000 metric tones of coal, which is used as one of basic raw material in Pakistan Steel process.
According to Pakistan Steel production plan the production units are currently working properly while after the induction of raw materials the production will be increase accordingly.