Pakistani steelmaker Pakistan Steel Mills (PSM), which has been facing a raw material shortage, will receive two shipments of raw material, including 55,000 mt of Iranian fine iron ore and 55,000 mt of coal, to help the mill to maintain its production, according to media reports.
PSM is facing an accumulated loss of about INR 40 billion ($810.3 million) due to low capacity utilization caused by high coal prices in the international market in the April-June and July-September quarters this year.
Sales are expected to improve in the coming months since sales follow a historically low trend in August and September due to the monsoon season.