The production capacity of Pakistan Steel Mills (PSM) has risen to 25 per cent from 3pc in May 2014 owing to financial bailout package of Rs18.5 billion.
This was stated by CEO of Pakistan Steel, Maj-Gen (Retd) Zaheer Ahmed Khan, while briefing the Federal Minister for Finance, Senator Muhammad Ishaq Dar in Islamabad.
An official announcement issued after the meeting said that Mr Khan claimed that the production capacity is expected to escalate to 77pc of the total 1.1 million tonnes per annum capacity by end of December 2014 which would be a break-even point, nullifying the losses occurring to the mills.
He apprised the minister that production is expected to touch 30pc mark by the end of September and should touch 40pc in October.
Mr Khan also briefed the minister about some issues faced by Pakistan Steel, including the imposition of 5pc duty on import of iron ore.
