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

Russian Ambassador Albert Khorev on Monday confirmed Pakistan and Moscow will hold talks for the restoration of Pakistan Steel Mills (PSM) next week.

This he said while talking to Sindh CM Syed Murad Ali Shah during a meeting held at the Chief Minister House in Karachi.

During the meeting, Sindh CM said Pakistan wants to strengthen relations with Russia in the domains of health, education and culture.

Speaking on the occasion, the Russian Ambassador said experts from Russia and Pakistan will discuss the restoration of Steel Mill online next week and after the online discussion, the Russian delegation will visit the steel mill.

The Sindh CM suggested that it will be better if a new steel mill plant is installed as the steel mill will stabilize the economy and increase employment.

Read more: SSGC disconnects gas connection of PSM

On July 3, the federal government decided to shut down Pakistan Steel Mills (PSM), a state-owned enterprise that has 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.

Last year, the secretary claimed, they found out that there was no buyer for the Pakistan Steel Mills. “Apart from 700 acres, the land will be used for industrial purposes”, he added.

Meanwhile, Chief Financial Officer (CFO) Arif Sheikh claimed that the federal government has decided to close down PSM due to its poor performance and financial losses.