KARACHI: MV Trans Pacific carrying 55,000 tonnes of metallurgical coal from Australia has arrived at Pakistan Steel Mills Jetty, Bin Qasim, a press release said.

The newly arrived raw material will help PSM achieve the production target of 77 per cent in April, 2015 which is the breakeven point, the statement said.

“With the help of a bailout package of Rs18.5 billion from the government, PSM management has maintained continuous supply of raw material, and the production level is showing an upward trend. In April 2014, production was 1.4pc of capacity,” it added.

With the help of recent government support average production for the month of March remained 50pc of 1.1 million tonnes per annum.

PSM spokesperson Shazim Akhtar said the imposition of 12.5pc regulatory duty on Hot Rolled Products by the Economic Coordination Committee is a good omen which will help Pakistan Steel to move towards self-reliance, the press release said.

Published in Dawn, March 26th, 2015

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