PSM gets first installment of Rs1.5bn fresh bailout package

KARACHI: Pakistan Steel Mills (PSM) has received first installment of the new bailout package, Geo News reported.

Spokesman for Pakistan Steel said the PSM has received an amount of Rs1.5 billion.

The spokesman further said Pakistan Steel will spend Rs1 billion on the payment of two months salaries of employees, adding the salary would be released on Monday or Tuesday.

The government had approved Rs2.9 billion bailout package for the Pakistan Steel earlier this month.