Pakistan and Russia Sign Protocol for Revival of Pakistan Steel Mills
In a major development for Pakistan’s industrial sector, Pakistan and Russia have signed a protocol to revive the Pakistan Steel Mills (PSM) located in Karachi. The agreement marks a new chapter in Pakistan’s efforts to strengthen its local manufacturing industry with international collaboration.
🔹 Key Highlights of the Agreement
- A high-level delegation from the Ministry of Industries and Production visited Moscow, Russia.
- The team was led by Haroon Akhtar Khan, the Special Assistant to the Prime Minister on Industries and Production.
- The signing took place in Moscow as part of the official industrial cooperation talks.
- The goal: Rehabilitation and modernization of Pakistan Steel Mills.
🏗️ What This Means for Pakistan Steel Mills
According to Haroon Akhtar Khan:
“The revival of Pakistan Steel Mills reflects the vision of the Prime Minister. This protocol is a milestone for the growth of PSM and the industrial future of Pakistan.”
Expected Benefits:
- Modern technology transfer from Russia to Pakistan.
- Creation of new jobs in the industrial sector.
- Increase in domestic steel production, reducing reliance on imports.
- Strengthening of bilateral industrial ties with Russia.
🌍 Strategic Importance of the Revival
Pakistan Steel Mills has long been considered a national industrial asset. However, due to years of mismanagement and losses, it had become non-operational.
Why PSM Matters:
- Located near the Port of Karachi, giving it a key logistical advantage.
- Once fully functional, it can meet a major portion of Pakistan’s steel demand.
- Will play a major role in infrastructure projects like CPEC (China-Pakistan Economic Corridor).
❓ Frequently Asked Questions (FAQs)
What is Pakistan Steel Mills?
Pakistan Steel Mills (PSM) is a large state-owned steel manufacturing plant located in Karachi. It was established in the 1970s but became non-operational due to financial issues.
Why is Russia involved?
Russia has agreed to provide technical expertise and collaborate on reviving and modernizing the plant. The country has a rich history of industrial cooperation with Pakistan.
What does this mean for local jobs?
Once revived, PSM is expected to generate thousands of jobs, both directly and indirectly, in the supply chain
How long will the revival take?
While no fixed timeline has been announced, the agreement is the first formal step, and planning and technical evaluations will begin soon.
Will this reduce steel imports?
Yes. A functional PSM will reduce the need to import steel, saving foreign exchange and promoting self-sufficiency.
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✅ Conclusion
The signing of the revival protocol for Pakistan Steel Mills is a landmark moment for Pakistan’s industrial landscape. With Russia’s support, this collaboration is set to breathe new life into a dormant yet strategically vital asset. It aligns perfectly with the government’s broader industrial growth agenda and will contribute significantly to economic stability, job creation, and technological advancement.
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