ISLAMABAD - A Cabinet Committee on Restructuring (CCOR) has approved comprehensive bailout package for revitalization of Pakistan Steel Mills (PSM).Cabinet Committee on Restructuring (CCOR) took this decision in its meeting which was held on Thursday under the chair of Finance Minister Dr Abdul Hafeez Sheikh. It was decided that Rs 5b will be released though banking institutions as part of the earlier bailout package. Finance Division will facilitate payments to SSGC of Rs 1b within a year. It was decided that additional requirements of funds for revival of PSM shall be met. It was decided that monthly plan for capacity enhancement of PSM will be implemented. Capacity utilization of PSM will be enhanced to 60% by end fiscal year 2012-13 from current level of 20%. Bailout package will facilitate PSM to reach at a breakeven level within next eighteen months.The meeting was attended by Minister for Production, Deputy Chairman Planning Commission, Secretary, Finance Division, Secretary M/o Production, CEO Pakistan Steel Mills and other officials. CEO PSM gave a presentation to the Committee entailing overall state of PSM, revitalization options, projected cash flow and financial needs. The Committee was apprised about the potential collaboration with Russia for expansion of PSM’s capacity. CCOR reiterated the resolve to revitalize PSM and develop it into a profitable entity.