Pakistan Steel Mills chief resigns after denial of bailout package
KARACHI: Chief Executive Officer of Pakistan Steel Mills , Major General Muhammad Javed Thursday tendered his resignation after the broke state-owned industrial complex was denied a bailout...
July 18, 2013
He was appointed CEO of the state-run entity back in April 2012.
Javed had previously served as chairman at Pakistan Steel Mills from September 2006 to May 2008.
To compound the problems for PSM, the Karachi Electric Supply Company (KESC) on Wednesday evening disconnected the power supply to the state-owned enterprise because of outstanding dues worth Rs930 million.
According to a KESC spokesman the PSM, out of outstanding Rs930 million, was supposed to pay Rs550 million by Wednesday, however, it failed to do so. As a result, the utility disconnected its power supply.
Meanwhile, PSM spokesman said they would pay Rs100 million to KESC on Thursday. He said this power supply cut would cause losses worth billions of rupees.
The spokesman had also said it would take two to three days to restart the plants of the mill.
