The Economic Co-ordination Committee (ECC) of the Cabinet in its last meeting approved some Rs 3 billion for payment of salaries, however in the first phase some Rs 1.5 billion have been released to PSM.
According to sources this amount will be used for payment of two months” salaries and procurement of raw material. Some Rs 800 million will be spent on salaries and Rs 700 million on procurement of coal. Sources said Pakistan Steel urgently needs coal to continue its operations as coke oven batteries have already been shifted to heat due to coal shortage. A spokesman has confirmed that PSM has received Rs 1.5 billion from the federal government.