Pakistan in talks with Russia for steel mills restoration: NA body told

ISLAMABAD: Industries and Production Ministry informed the National Assembly’s standing committee that the talks with Russia will be finalized for restoration of the Pakistan Steel Mills by September 30.

Secretary Industries and Production Saif Anjum was briefing the session of the standing committee chaired by Syed Hafeezuddin.

Russia’s feasibility study for renovation of the steel mills will be completed by September 15, secretary said.

Russia will spend US$ 2.8 million for the completion of the feasibility study, he said.

Ministry official informed the NA body that US$ 400 million cost will be required for restoration of the existing ballast furnace of the steel mills. “A new turbine for the mills costing one billion dollars,” he informed.

He said Pakistan currently importing US$ three billion steel products. “A study is ongoing to get financing from Russia for a new steel mill,” he told the session.

Saif Anjum said that the government’s financing will be required, and the material of existing steel mills will be sold for the new mills. “The steel mills with a new technology could be installed at around 700 acres of land,” he informed the session.

“We are talking with Russia because Pakistan Steel Mills has been based on the Russian technology,” he added.