Karachi: Pakistan Steel Mills (PSM) has sought Rs10 billion bailout package from the government as the corporation is facing severe financial crisis.
During the last three years, the PSM has taken Rs12 billion debt, and its interest is increasing every year.
Sources said that the absence of permanent chief executive was creating problems in smooth running the affairs of the corporation. The board of revenues has sent a summary for appointment of the CEO a month ago.
Due to financial crisis, the mill is not running at its full production capacity.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription