Steel Mills: Rs5B bailout package approved
29 June, 2012
The federal cabinet's committee for Rehabilitation has approved another Rs 5 billion package to bailout Pakistan Steel Mills from financial crisis. The committee also approved to release this fund immediately.
The federal cabinet's committee for Rehabilitation has approved another Rs 5 billion package to bailout Pakistan Steel Mills from financial crisis. The committee also approved to release this fund immediately.
According to a statement issued by finance ministry the meeting of the committee was chaired by federal finance minister Abdul Hafeez Shaikh.
The meeting decided that Rs 5 billion bailout package would be provided to the Steel Mills in the form of loans from the banks the guarantee for which would be provided by the Government of Pakistan.
The participants of the meeting were given a detailed briefing about the current financial position of the Steel Mills and its reconstruction plan. They were also informed about Russia's investment offer in the Mills.
Sources said that the production capacity of the Mills would be increased upto 60 per cent. A strategy to turn the Steel Mills around within 6 months was also chalked out.
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