PSM begins preparation for raw material procurement

Pakistan Steel Mills (PSM) has started preparation for procurement of raw material to meet its demand after bank guarantee fund of Rs 6 billion provided by the Federal Government. "Funds will be utilised in a transparent manner to provide financial stability to the Mills," said Acting CEO of PSM Wasif Mehmood.
Presiding over a meeting of senior officers of the PSM on Friday, he said that the management will play its role effectively to bring the Mills out of financial crisis. He said that the management would adopt short- and long-term measures which would bring positive results and increase the production of the Mills. It may be mentioned that the PSM imports from Canada, Australia and other countries raw material including iron ore and coal for production of steel, a PSM spokesman said in a statement.