Pakistan Steel Mills losses surge to Rs. 177 billion



Pakistan Steel Mills financial condition is deteriorating with each passing day.

Pakistan Steel Mills (PSM) owes Rs39.4 billion (28.5%) to the government out of its total liabilities that stand at Rs138 billion, documents show.

Separately, the mill has to pay Rs14 billion in interest on loans of Rs36.3 billion taken from National Bank of Pakistan (NBP).

The liabilities and losses of the steel mill have gone up consistently despite Rs56.45 billion worth of bailout packages given by the government to prop up the largest industrial complex of the country, officials say.

The current government has provided a bailout of Rs18.5 billion in addition to releasing Rs8.5 billion to pay salaries of the mill’s employees. According to the officials, accumulated losses of PSM have surged to Rs177.78 billion.