KARACHI: Pakistan Steel has received more than Rs.310 Million insurance money that was claimed after an incident which occurred in March this year, in which a ship that was carrying 25.812 metric ton iron ore from India to Pakistan sank in the sea in the limits of India, said a press release issued Monday.

As per details, the ship MV MIRACH left Indias loading port HALDIA and VIZAG on March 24, 2011 and was headed to Pakistan.

On its course, the ship struck a rock in the sea and eventually sank as the hit developed a big hole in the structure and water made way into the vessel.

It is pertinent to mention that Pakistan Steel always insures the raw material which is being imported. The iron ore on MV MIRACH was valued at almost Rs.313 Million.

The Acting CEO Pakistan Steel Wasif Mehmood soon after the incident got in touch with Chairman National Insurance Corporation and managed to get the claims.