Summary Expensive steel products worth Rs18 billion were sold at Rs9 billion during 2012-2013.
ISLAMABAD (Web Desk) – Official documents obtained by Dunya News revealed on Saturday that during audit of account of Pakistan Steel Mills (PSM) for the year 2012-13, the management sold 161,933 metric ton of various steel products at price of Rs 9,119.52 million against cost of sales at Rs 18,029.13 million which resulted into loss of Rs 8,909.61 million.
It was also revealed that Rs 532.09 million loss was incurred to PSM due to non-production of billets.
After the audit, it was recommended to investigate the matter and fix the responsibility on persons at fault for non-finalization of accounts. The management was also urged to strengthen internal control to avoid recurrence.
