PSM receives 0.11m metric ton metallurgical coal


Karachi: Two ships have arrived Karachi from Australia on Friday carrying 55 thousand metric tons of metallurgical coal each.

A ship, Mega Ocean, carrying 55000 metric ton metallurgical coal anchored at Steel Jetty in Bin Qasim Port. While, another ship, MV Mega Lohori, carrying the same amount of coal anchored at Outer Anchorage of Port Qasim. Unloading of the ships had been started.

Government of Pakistan had approved Rs18.5bn funds for Pakistan Steel Mill (PSM), and from the first installment of Rs4.2bn, PSM administration imported 0.11m metric ton metallurgical coal from Australia, while, another LC would be opened on July 7, 2014 to draw 50 thousand metric ton iron ore.

A PSM representative said that the arrival of the iron ore in PSM would increase its growth to 20% in the following month. The growth would further increase gradually according to the target set by Pakistani government. It was also expected that if the funds were provided to PSM like this then there was no reason that PSM would not take every measure to increase its growth to 77%.

PSM Chief Executive Officer Major General (retd) Zaheer Ahmed Khan and PSM administration congratulated their workers on the arrival of the iron ore.

The post PSM receives 0.11m metric ton metallurgical coal appeared first on Pakistan Press International.

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