Cabinet body approves Rs6bn bailout for Pakistan Steel Mills

ISLAMABAD: Cabinet Committee on Reforms (CCOR) has approved a bailout package worth Rs6 billion to bring Pakistan Steel Mills (PSM) out of crises, Geo News reported.

Minister for Industries and Production told Geo News that this proposal is yet to get the go-ahead from the Economic Coordination Committee, which it would grant in its next meeting.

In addition to a Rs6 billion injection to put the sick PSM back on its feet a business plan worth Rs20 billion would also be presented in the meeting, he said, adding whether the business plan would see a green-light can't be said for sure.