Karachi: Karachi Electric Supply Corporation (KESC) remained determinant on their decision, for the sake of Rs.550 million KESC has decided to put the national asset of Pakistan Steel Mills (PSM) worth billion of rupees at stake, ARY News reported.
According to details, officials of the Pakistan Steel Mills have confirmed ARY News that the KESC is firm on its decision that it will not restore the electricity supply to the steel mills plant until it does not receive a payment of Rs. 550 million.
KESC has Rs.930 million due on Pakistan Steel Mills in respect of the electricity bills for the past three months.
The Pakistan Steel Mills (PSM) has suffered production losses of Rs140million in 48 hours after disconnection of power to its plants by the Karachi Electric Supply Corporation (KESC) on Wednesday due to nonpayment of bills.
The KESC has only restored the electricity of Gulshan-e-Hadeed and Steel Township after receiving the payment of Rs.250 million. However, demanding full payment, the power utility did not restore power supply to the production plant till the filing of this report.
According to a spokesperson of PSM, Shazim Akhtar “When the power supply was disconnected, the mill was operating at 16 per cent production capacity.”
“The mill has been facing acute shortage of raw materials and its expected production capacity declined to 11 per cent during August”, he added.
He said that KESC must realize the financial issues of PSM as Steel Mills has paid only half salary of May to its 17,000 employees while full June and July salaries are still due. The monthly salary expense of PSM is Rs500m.
According to him the PSM is facing Rs70 million production losses every 24 hours.
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