Islamabad: In an attempt to activate Pakistan Steel Mills (PSM), Finance Ministry has approved to release a bailout package of Rs. Five Billion for the worsening sector of the country. The decision was taken on Thursday in a Cabinet Committee on Restructuring (CCOR) meeting led by Finance Minister Dr. Abdul Hafeez Sheikh.
The meeting over viewed the condition of Pakistan Steel Mills and it also reviewed the probability to make reforms and the expansion in the Steel Mill with the assistance of Russia.
It was learnt in the meeting that the production capacity of Steel Mills would be increased to 60 percent by the end of fiscal year 2012-13 which is currently stitched to 20 percent.