Pakistan, Russia sign protocol to revive Pakistan Steel Mills

Pakistan and Russia have signed a protocol to revive Pakistan Steel Mills (PSM), ARY News reported on Friday.

As per details, a high-level Pakistani delegation led by Adviser to Prime Minister on Industries and Production, Haroon Akhtar Khan, visited Russia, where Pakistan and Russia signed a protocol to revive and modernize the Pakistan Steel Mills (PSM) in Karachi.

The protocol was signed by Pakistan’s Federal Secretary for Industries and Production, Syed Saif Anjum, and Russia’s Vadim Velichko.

Speaking on the occasion, Haroon Akhtar Khan stated that this collaboration will usher in a new era of industrial development. “Established in 1971 with Soviet support, Pakistan Steel Mills is once again being revived through Russian cooperation,” he said.

He further asserted that the revival of PSM reflects Prime Minister Shehbaz Sharif’s vision for industrial growth in Pakistan.

“This partnership is a cornerstone for the country’s industrial future and will boost both employment and industrial output,” Haroon Akhtar added.

Read more: PSM restoration talks to be held next week, says Russian envoy

The modernization of Pakistan Steel Mills is expected to significantly contribute to national productivity and economic resilience, marking a major step in Pakistan’s journey toward sustainable industrial development.

The agreement marks a significant milestone in Pak-Russia industrial cooperation, with both sides committing to restore PSM through technological upgrades and strategic partnership.

On July 3, 2024, the federal government decided to shut down Pakistan Steel Mills (PSM), a state-owned enterprise that had been incurring heavy losses for years.

In a statement, Secretary of Industry and Production said that the Sindh government has been offered to take over 700 acres of the total 19,000 acres land of the PSM and establish its own steel plant on the site.