PM bails out Pakistan Steel Mills

Prime Minister Yousaf Raza Gilani, in a special meeting approved a bailout package worth Rs 25 billion for the Pakistan Steel Mills as proposed by the Ministry of Industries and Productions. The meeting was held to review various options to resolve the Pakistan Steel Mills (PSMs) crisis. The Prime Minister said Pakistan Steel Mills will not close down as it is a national asset but has to be managed both professionally and commercially.Three billion rupees would immediately released to help the PSMs while another Rs 7 billion would be released during July. Rs 8 billion would be provided for purchasing raw materials while Rs 7 billion would be provided to continue other operations. He emphatically stated that neither politicization nor interference in Pakistan Steel Mills affairs will be allowed in order to protect this state enterprise.