Pakistan’s Ministry of Industries and Production informed the parliamentary standing committee that a team of Russian experts is evaluating the revival of Pakistan Steel Mills (PSM), with a final decision expected by June 30.
The Russian team is currently assessing the mill’s condition and is set to submit its report by January 31. Despite PSM’s liabilities totaling PKR 345 bln (USD 1.2 bln), officials noted that discussions with Russia are progressing positively.
The ministry acknowledged that PSM has been shut since 2015 due to inefficiencies but expressed optimism that collaboration with Russia could lead to a viable revival plan.
Incorporated in 1968, PSM began production in 1981. However, mismanagement and political interference caused financial instability, leading to its closure in 2015 after multiple failed attempts to stabilize operations.
1 USD / 279.2 PKR
