KARACHI, May 15: The Pakistan Steel held a cheque presentation ceremony in which a debt worth Rs7.7 billion, scheduled to be paid from year 2013 to 2020, was paid much ahead of time, says a press release. Addressing the ceremony Chairman Pakistan Steel Lt. Gen Abdul Qayyum said that despite the challenges of the unprecedented nature created by the sudden collapse of coke oven and bye product plant, shortage of raw material, abnormal increase in prices of imported coal and iron ore, the PS workforce stood like a rock and the management had cleared every penny of its debt.

The cheques were received by Zakir Mahmud, president Habib Bank Limited (Rs1.941 billion); Aftab Manzoor, president Muslim Commercial Bank (Rs1.165 billion); Shahid Anwar, senior executive vice president National Bank of Pakistan (Rs1.942 billion); Hasan Raza, executive vice president United Bank Limited (Rs1.942 billion); and Junaid Alam, senior vice president Allied Bank Limited (Rs0.777 billion).