Pakistan and Russia Sign Deal for Pakistan Steel Mills Revival
Pakistan Steel Mills revival: Pakistan and Russia have officially signed an agreement to revive the long-shut Pakistan Steel Mills in Karachi. This strategic move marks a new phase in the industrial cooperation between the two nations and offers fresh hope for economic growth and job creation.
A Historic Partnership Renewed
The Pakistan Steel Mills revival brings back a key partnership that began in 1973 when the mill was first established with assistance from the former Soviet Union. Once the pride of Pakistan’s industrial sector, the mill has remained non-functional since 2015, severely impacting local steel production.
The latest protocol was signed in Moscow by Secretary Saif Anjum and Russian official Vadim Velichko, symbolizing renewed commitment on both sides.
Economic and Employment Boost Expected
The revival project is expected to create thousands of jobs and enhance Pakistan’s self-sufficiency in steel production. Haroon Akhtar Khan, Special Assistant to the Prime Minister, stated that the Pakistan Steel Mills revival would contribute to national economic stability and open new avenues for industrial growth.
He emphasized that local industries would benefit from increased steel availability, lowering the reliance on costly imports.
Technical and Financial Support from Russia
Russia will provide both technical expertise and financial support for restarting and modernizing the mills. The partnership includes plans to upgrade the outdated machinery, improve operational efficiency, and possibly expand production capacity in the future.
This move is a significant part of broader economic cooperation between Pakistan and Russia, including energy, infrastructure, and trade.
Hopes for Long-Term Industrial Stability
The Pakistan Steel Mills revival is seen as a symbol of potential recovery for Pakistan’s struggling industrial sector. With strong political will and international support, stakeholders hope this project will become a model for other state-owned enterprises.
If successfully implemented, the revived mills could contribute significantly to the country’s GDP and act as a driving force for regional industrial development.
