Pakistan signs agreement with Russia for reviving steel plant

Pakistan has signed a Protocol to restore and modernize Pakistan Steel Mills (PSM) in Karachi, with Russia.

The agreement was signed at the Pakistan Embassy in Moscow by Saif Anjum, Pakistan’s Secretary of Industries and Production of Pakistan and Vadim Velichko, General Director of Industrial Engineering LLC from Russia.

Special Assistant to the Prime Minister (SAPM) Haroon Akhtar Khan and Pakistan’s Ambassador to Russia, Muhammad Khalid Jamali, were also present during the signing.

Built with Russian assistance in the 1970s, PSM had been a financial burden on the state, lying dormant since June 2015. Pakistan will dismantle the existing facility, allocating 700 acres to the Sindh government for a new state-of-the-art steel mills, while additional land will be used for an industrial park.

“Reviving PSM with Russia’s support reflects our shared history and commitment to a stronger industrial future,” said SAPM Khan.

Meanwhile, Russia’s Deputy Prime Minister Alexel Overchuk called both countries "natural allies" and strategic partners in the areas of economy and energy, while Pakistan said it viewed Russia as a stabilising factor in the international arena.