Islamabad, July 11, 2025: In a significant move on the industrial landscape, Pakistan and Russia have signed a protocol to revive and upgrade Pakistan Steel Mills (PSM) in Karachi, reinforcing their deep-rooted industrial collaboration.
The pact was signed at the Pakistan Embassy in Moscow by Saif Anjum, Secretary of Industries and Production of Pakistan, and Vadim Velichko, General Director of Industrial Engineering LLC from the Russian side, in the presence of SAPM Haroon Akhtar Khan and Pakistan’s Ambassador to the Russian Federation Muhammad Khalid Jamali.
The initiative seeks to restart and enhance steel manufacturing, ushering in a fresh phase of mutual cooperation. “Reviving PSM with Russia’s support reflects our shared history and commitment to a stronger industrial future,” stated SAPM Khan.
Khan had earlier mentioned that “technical experts are analysing the state of the present machinery of PSM and if 50% machinery is useable, the government is surely going to restore the PSM with Russian cooperation.”
READ MORE: Russia to Build New Steel Mill in Karachi
He further said that the PSM possesses 18,660 acres of land, of which 710 acres are being considered for establishing a new steel facility.
As per officials, although Pakistan holds largr iron ore resources, with estimated reserves of 1.887 billion tons, it still imports nearly $2.7 billion worth of steel annually.
READ MORE: Russia to Set Up Steel Mill in Pakistan
Authorities noted that local steel output is inadequate to fulfill the entire demand, with a shortfall of 3.1 million tons last year.
Initially established with Soviet backing in 1973, PSM continues to stand as an enduring symbol of Pakistan-Russia relations.
