Pakistan government may not rescue Pakistan Steel

Oct. 23 MetalBiz--It is reported on October 21 that Soomro, secretary of Pakistan Industry and Production Department recently stated when inspecting Pakistan that Pakistan government can not continue providing capital aid for Pakistan due to the financial pressure.

Soomro requests the management lay down the effective business program to turn the operating trouble. He definitely pointed that because of the restriction of IMF's loan condition and tight monitor policy, Pakistan government has no ability to provide more aids for Pakistan Steel except for 10bln rupees loan in the previous three months.

It is leaned that due to the unreasonable operation and administration, Pakistan Steel posted the huge loss of 22bln rupees (around US$300mln) in the fiscal years of 2008-2009. Thus, Pakistan government highly adjusted the Pakistan Steel's top officials, including changing president of the board directors. Presently, Pakistan financial and business directors are still vacancies.