Chief Executive Officer Pakistan Steel Mills Major General Mohammad Javed (Retd) HI-M thanked newly appointed Federal Finance Minister Salim Mandviwalla & President National Bank of Pakistan (NBP) Asif Brohi for their commitment, contribution and co-operation with the country’s largest steel producing unit.
CEO praised that NBP always played a positive role in provision of funds to PSM. He added that prosperity of Pakistan Steel being national asset is basically our country’s prosperity for which the mutual understanding and co-operation between state owned organisations is commendable.
On the directive of ECC Rs 3 billion facility for PSM through NBP in a calendar year is being awarded as from 2009. On the end of last calendar year December 31, 2012 the facility ended and as per procedure and PS processing it for renewal for one year again.
PSM cleared all the reservations of NBP and assured a better and profitable future plan to NBP. In this regard a special meeting with Finance Minister Saleem Mandviwalla, President NBP Asif Brohi and CEO Pakistan Steel Major General Mohammad Javed (Retd) HI-M was held on February 21, where NBP has agreed to restore the facility of Rs 3 billion LC credit facility to PS. PS management specially thanked Finance Minister and NBP management for their business co-operation. On the other hand the payments of PS previous loans and mark-ups to NBP are going on smoothly as per planned bailout instalments. This credit facility will helps PSM to import of about 150,000 tons of iron ore & coal from various countries and also PS able to ensure a constant supply of iron ore, enabling to increase PS production and strengthen on financial grounds.-PR