- New steel mill marks milestone in bilateral cooperation.
- Joint working group will be formed for driving project forward.
- New mill to occupy 700 acres of PSM’s 19,000-acre site.
ISLAMABAD: In a significant move at bolstering Pakistan’s industrial sector and attracting foreign investment, Pakistan and Russia have reached an agreement to establish a new state-of-the-art steel mill in Karachi.
The development emerged from a high-level meeting held between Special Assistant to the prime minister Haroon Akhtar and Denis Nazaroof, a representative of the Russian government.
The two sides, The News reported, have concurred on the formation of a joint working group that will be responsible for driving the project forward.
This working group will oversee the crucial aspects of the new steel facility, including its development, technical planning, and investment structure.
Pakistan wants to establish a state-of-the-art steel mill on the existing site of Pakistan Steel Mills (PSM).
If the formal agreement is reached, the new mill will occupy 700 acres of the PSM’s 19,000-acre site, with the land allocated by the government for this purpose, the official said.
