Pakistan and Russia Ink Agreement for Revival of Pakistan Steel Mills

An agreement between Pakistan and Russia has been formalized, focusing on the revitalization of the Pakistan Steel Mills (PSM) located in Karachi.

The accord was signed at the Pakistan Embassy in Moscow. Representing Pakistan was Saif Anjum, the Secretary of Industries and Production, while Vadim Velichko, the General Director of Industrial Engineering LLC, signed on behalf of Russia. The ceremony was attended by SAPM Haroon Akhtar Khan and Pakistan’s Ambassador to the Russian Federation, Muhammad Khalid Jamali.

This initiative is geared towards the resumption and enhancement of steel production capabilities, heralding a new phase in the cooperative relationship between the two nations.

During the signing, Haroon Akhtar remarked that “the restoration of PSM with Russia’s assistance highlights our shared history and dedication to a more robust industrial future.”

Akhtar also noted that the revival of Pakistan Steel Mills is aligned with the vision of Prime Minister Shehbaz Sharif and that this agreement will represent a significant advancement for the facility’s growth and development.

According to Akhtar, the full operational capacity of Pakistan Steel Mills will lead to greater job creation and increased industrial output.

In a formal declaration, the Pakistani Embassy in Moscow stated that “Pakistan and Russia have ratified a Protocol to restore and modernize Pakistan Steel Mills (PSM) in Karachi, reinforcing their enduring industrial partnership.”

PSM, initially constructed with Soviet support in 1973, remains an enduring symbol of the relationship between Pakistan and Russia.