ISLAMABAD – In a major step toward revitalizing Pakistan’s industrial base and attracting foreign investment, Pakistan and Russia have agreed to collaborate on establishing a state-of-the-art steel mill in Karachi.
The initiative was finalized during a high-level meeting between Haroon Akhtar, Special Assistant to the Prime Minister, and Denis Nazaroof, a Russian government representative.
Both sides have agreed to form a joint working group to oversee the project’s development. This group will be tasked with key responsibilities, including technical planning, project execution, and structuring investment arrangements.
The proposed facility will be built on the existing site of Pakistan Steel Mills (PSM), once the backbone of the country’s steel production. The government plans to allocate 700 acres from the sprawling 19,000-acre PSM site specifically for the new plant.
Officials say that if the project proceeds to a formal agreement, it could mark a turning point in Pakistan’s efforts to modernize its steel sector and strengthen economic ties with Russia.
