| GEO Business|
| PSM fails to pay wages|
| Updated at: 2200 PST, Thursday, May 06, 2010|
KARACHI: Financial crisis of Pakistan Steel Mills has deepened and the country’s largest steel maker has not yet paid wages for the month of May, PSM sources told Geo News correspondent Raja Kamran.
Usually, wages are paid on 27th of every month.
According to PSM’s finance department, the steel maker has only Rs 60 million while employees’ wages amount to Rs 600 million.
Sources told Geo News that now bail out package is must for the company.