A Pakistani industrial unit that has Rs.110 bn liability

By IANS,

Islamabad : The Pakistan Steel Mills, the country’s largest public sector industrial unit, is burdened with liabilities totalling a stupendous Rs.110 billion (Rs.11,000 crore).

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Production at PSM has plummeted to 18 percent of capacity due to shortage of raw material and finances.

There is such a severe shortage of raw materials that it may have to stop production soon, sources told Dawn.

Fazlullah Qureshi, chairman of the mills’ board of directors, has asked the government for Rs.12 billion as an emergency bail-out measure.

Qureshi said he had written to the federal government some days back for the assistance.

From 2000 to 2008, PSM showed profit and cleared all its previous debts. However, since then it has been incurring losses.