MOSCOW – Pakistan and Russia have signed a Protocol to restore and modernize Pakistan Steel Mills (PSM) in Karachi, reaffirming their long-standing industrial partnership.
The agreement 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 project aims to restart and expand steel production, marking a new chapter in bilateral cooperation.
“Reviving PSM with Russia’s support reflects our shared history and commitment to a stronger industrial future,” said Khan.
Originally built with Soviet assistance in 1973, the steel mills remains a lasting symbol of Pakistan-Russia ties.
Pakistan Steel Mills (PSM) is a state-owned industrial complex located in Karachi, established in the 1970s with assistance from the former Soviet Union. Once considered the backbone of Pakistan’s industrial sector, PSM was designed to produce millions of tons of steel annually, supporting construction, engineering, and manufacturing industries.
However, over the years, the mill faced operational and financial difficulties due to mismanagement, political interference, and outdated infrastructure.
Production was halted in 2015, and efforts for privatization or revival have continued since.
