Finance Ministry has approved Rs25 billion bailout package for Pakistan Steel Mills, reported a private TV channel, quoting its sources. Under the package, the govt would provide Rs3 billion to PSM as a loan while Rs6 to 7 billion would be converted into long-term loans. The PSM would use Rs3b to purchase crude oil and to pay off its utility bills and pay salaries of its staff. According to sources, the PSM could not get a bailout package of Rs 25 billion due to economic crisis the government is facing now a days.