| GEO Business|
| PSM facing Rs1bn monthly loss: Chairman|
| Updated at: 2003 PST, Friday, January 29, 2010|
ISLAMABAD: Chairman Pakistan Steel Mills (PSM) M M Usmani said Friday that despite the bailout package of Rs10 billion, the company is facing per month losses of Rs1 billion.
Talking to Geo News here, the chairman said last year’s bailout package has been used and the company witnessed Rs6 billion losses in last 6 months.
He said the situation will not be improved until the production capacity of the company is increased.
He pointed out that the Federal Investigation Agency has been probing the corruption cases of the PSM and few people were arrested in this regard.