Pakistan Steel continues bleeding

"PSM suffered losses in excess of Rs26 bn by June 2009 followed by a loss of Rs13 bn by June 2010." — File Photo

ISLAMABAD: Pakistan Steel Mills suffered losses in excess of Rs26 billion by June 2009 followed by a loss of Rs13 billion by June 2010 and continued to bleed, Minister for Industries and Production Mir Hazar Khan Bijarani told the National Assembly on Wednesday.

The minister attributed losses to inadequate and inconsistent supplies of raw materials because of non-availability of funds that brought production down to 40 per cent.