Pakistan and Russia have signed a protocol to restore and modernize Pakistan Steel Mills (PSM) in Karachi, reaffirming their longstanding industrial cooperation, the Pakistani government announced.
The agreement was signed at the Pakistan Embassy in Moscow by Secretary for Industries and Production, Saif Anjum, and Vadim Velichko, General Director of Russia’s Industries Engineering LLC, according to a press release by the Ministry of Industries and Production.
The project aims to restart and expand steel production at PSM, which has remained inactive since 2015. Originally built with Soviet support in the 1970s, the mill suffered decades of financial losses. In 2024, following its formal closure, the Sindh government sought Russian assistance to restore the facility’s aging infrastructure.
As part of the revival plan, 700 acres of PSM’s 19,000-acre site will be allocated for the development of a modern, state-of-the-art steel plant.
