Pakistan aims to build a state-of-the-art facility on the existing Pakistan Steel Mills site
ISLAMABAD – In a significant step toward strengthening Pakistan’s industrial base and boosting foreign investment, Pakistan and Russia have agreed to establish a new, state-of-the-art steel mill in Karachi.
The decision followed a high-level meeting between Special Assistant to the Prime Minister Haroon Akhtar and Russian government representative Denis Nazaroof.
According to The News, both sides agreed to form a joint working group that will lead the project. This group will be responsible for the steel mill’s development, technical planning, and investment structure.
Pakistan intends to build this advanced facility on the land currently occupied by Pakistan Steel Mills (PSM). If finalized, the new steel mill will span 700 acres of the PSM’s 19,000-acre site. The government has already earmarked the land for this purpose, an official confirmed.
This new steel mill is being hailed as a milestone in Pakistan-Russia bilateral economic cooperation.
