No raw material, production process at PSM suspended
KARACHI: It is the first time in the history of Pakistan Steel Mills (PSM) that all the production sectors including blast furnaces have been shut down due to non-availability of the raw material, Geo News reported Thursday.
According to PSM sources, the crisis of raw material once again intensifies at the mills, as the reserves of fine iron ore depleted last year; while, coke also exhausted as the coal was not purchased on time. Accordingly, non-availability of both coke and iron ore caused the operation of PSM to come to halt.
According to sources, steel-making plant has also been closed.
Earlier in July of the current year, blast furnaces had to be closed owing to the raw material depletion.
The PSM finance department told that the administration has dispatched a letter to the Ministry of Industry and Production to summarily announce a bail-out package worth Rs10 billion; or, the plant will be shut down.
Meantime, the PSM officials said the plant has not been closed completely, only the system of water and compressor is being repaired.