LAHORE - Pakistan Steel Mills (PSM) has received first installment of the new bailout package, a TV news channel reported.
Spokesman for Pakistan Steel said the PSM has received an amount of Rs1.5 billion. The spokesman further said Pakistan Steel will spend Rs1 billion on the payment of two months salaries of employees, adding the salary would be released on Monday or Tuesday.
The government had approved Rs2.9 billion bailout package for the Pakistan Steel earlier this month.
Meanwhile, Minister for Industries and Production Ghulam Murtaza Khan Jatoi informed the National Assembly on Friday that the Steel Mill of Pakistan was undergoing a loss of Rs 60 to 70 million per day.
Responding a question, the minister said four bail out packages of around Rs 40 billion had been given to the steel mill during the period from year 2008 to 2012, while it had borne a loss of Rs 86 billion during the period.
He said the government has nothing to do with the enlisting of the steel mill of Pakistan in privatization list as it was already there.