Pakistan Steel Mills raw material to arrive tomorrow

KARACHI - The Pakistan Steel Mills (PSM) will get its first vessel of iron ore (raw material) on July 27 (tomorrow) which has been arriving from Iran and India, while the influential steel dealers and suppliers in the country have stopped 'price adjustment that had to be made on July 20. The meeting that was held on 20th waited from morning till the evening for the decision on price adjustment of steel products, but in the evening, the decision arrived that prices will be the same as before, said the source. The long term tender for the raw material was to be made during the first week of July but this tender is still under consideration. The raw material that is expected to arrive is purchased on the spot during last week, and the shipment of the material will be here soon, which is currently in Iran, informed the source. About the crisis-like situation, he said that the PSM has to keep 3 months raw material in its stock. But, due to some unknown reasons, the mills has not kept the stock which has left the mills run out of raw material. According to the sources in PSM, due to the shortage of raw material, the production of PSM has been reduced and is 20 % since last week, and this has affected the blast furnaces of PSM as they have been running under capacity. It is to be noted that the PSM management had decided closing down the blast furnaces for 10 days but had to revoke the decision after the experts opposed and criticised the decision. He pointed out that the government and the PSM management did not heed the letters, written by experts of the plant, indicating to the prevailing crisis. Moreover, the top management has been warned several times about the unavailability of iron ore but nothing has been done to avert the looming situation. However, the corruption in the PSM is deep rooted and every department has been engulfed by it and the only solution suggested by the sources was the transparent and clear investigation of all the allegations against the management.

ePaper - Nawaiwaqt