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News18
14-07-2025
- Business
- News18
Islamabad, Moscow Sign Agreement To Restore Pakistan Steel Mills Project
Last Updated: Pakistan and Russia signed a protocol to restore Pakistan Steel Mills in Karachi, aiming to restart steel production. The Pakistani embassy in Russia announced on Friday that the two countries have signed 'protocol to restore and Pakistan Steel Mills (PSM) in Karachi", in what it called was a 'reaffirmation" of their 'long-standing industrial partnership". The agreement was signed at the Pakistan embassy in Moscow by Pakistan's secretary of industries and production, Saif Anjum and Vadim Velichko, general director of Industrial Engineering LLC from the Russian side. The event was attended by SAPM Haroon Akhtar Khan and Pakistan's Ambassador to Russia, Muhammad Khalid Jamali. The project seeks to restart and expand steel production, Hindustan Times reported. Khan said, 'Reviving PSM with Russia's support reflects our shared history and commitment to a stronger industrial future." The Pakistani embassy in Russia notes that PSM, built with Soviet help in 1973, stands as a lasting testament to the enduring ties between Pakistan and Russia. Earlier this month, Pakistan and Russia agreed to collaborate on establishing a robust rail and road network to link the South Asian country with Central Asia and Russia, providing landlocked states direct access to warm waters, a media report said on Friday. Federal Minister for Communications Abdul Aleem Khan and Russian Deputy Minister of Transport Andrey Sergeyevich Nikitin met on the sidelines of the Shanghai Cooperation Organisation (SCO) ministerial conference in Tianjin, China, and agreed to speed up infrastructure development in the region to boost trade and economic integration. According to PTI, Abdul Aleem Khan stated that Pakistan's modernisation efforts include digitising transport infrastructure, introducing barrier-free motorways, mandatory e-tagging, and comprehensive CCTV surveillance. He said the reforms were part of Pakistan's broader goal to optimise regional connectivity and cross-border trade. Meanwhile, last month, Pakistan and Afghanistan agreed to advance the Uzbekistan-Afghanistan-Pakistan (UAP) rail project. In a phone call, Deputy Prime Minister and Foreign Minister Ishaq Dar and Afghanistan's Acting Foreign Minister Amir Khan Muttaqi agreed to work towards early finalisation of the framework agreement. Get breaking news, in-depth analysis, and expert perspectives on everything from geopolitics to diplomacy and global trends. Stay informed with the latest world news only on News18. Download the News18 App to stay updated! view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Hindustan Times
12-07-2025
- Business
- Hindustan Times
Pakistan, Russia sign deal ‘reaffirming long-standing industrial ties'
The Pakistani embassy in Russia said on Friday that the two countries have signed a 'protocol to restore and Pakistan Steel Mills (PSM) in Karachi", in what it called was a 'reaffirmation' of their "long-standing industrial partnership". The agreement was signed at the Pakistan embassy in Moscow(Facebook/Pakistan Embassy Russia) The agreement was signed at the Pakistan embassy in Moscow by Pakistan's secretary of industries and production Saif Anjum and Vadim Velichko, general director of industrial engineering LLC from the Russian side. SAPM Haroon Akhtar Khan and Pakistan's ambassador to the Russian federation Muhammad Khalid Jamali were also present. The project seeks to restart and expand steel production. '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, PSM remains a lasting symbol of Pakistan-Russia ties, according to the Pakistani embassy in Russia. Pakistan, Russia to expand road, rail connectivity Pakistan and Russia have earlier this month also agreed to collaborate on establishing a robust rail and road network to link the South Asian country with Central Asia and Russia, providing landlocked states direct access to warm waters, a media report said on Friday. Federal minister for communications Abdul Aleem Khan and Russian deputy minister of transport Andrey Sergeyevich Nikitin, on the sidelines of the Shanghai Cooperation Organisation (SCO) ministerial conference in Tianjin, China, agreed to accelerate infrastructure development across the region to facilitate trade and economic integration. The initiative aims to transform Pakistan into a strategic transit hub by enhancing trade corridors and logistical routes extending to Russia and Central Asia, Geo News reported. On Pakistan's modernisation efforts, Khan said the country was digitising its transport infrastructure, introducing barrier-free motorways, mandatory e-tagging, and comprehensive CCTV surveillance, according to PTI news agency. He said the reforms were part of Pakistan's broader goal to optimise regional connectivity and cross-border trade. Meanwhile, Pakistan and Afghanistan last month agreed to advance the Uzbekistan-Afghanistan-Pakistan (UAP) rail project. Deputy Prime Minister and Foreign Minister Ishaq Dar and Afghanistan's Acting Foreign Minister Amir Khan Muttaqi, in a telephonic conversation, agreed to work for an early finalisation of the framework agreement. (with PTI inputs)
Business Recorder
12-07-2025
- Business
- Business Recorder
PSM revival: Pakistan-Russia ink accord
ISLAMABAD: Pakistan and Russia have signed an accord for the revival of Pakistan Steel Mills in Karachi. 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. On the occasion, Haroon Akhtar said that 'reviving PSM with Russia's support reflects our shared history and commitment to a stronger industrial future.' Haroon Akhtar said the revival of Pakistan Steel Mills reflected the vision of Prime Minister Shehbaz Sharif. He said that this agreement will become a milestone for development and progress of Pakistan Steel Mills. Haroon Akhtar said that the complete functioning of Pakistan Steel Mills will generate more employment opportunities and will enhance industrial production. In an official statement, the Pakistani Embassy in Moscow said 'Pakistan and Russia have signed a Protocol to restore and modernize Pakistan Steel Mills (PSM) in Karachi, reaffirming their long-standing industrial partnership. Originally built with Soviet assistance in 1973, PSM remains a lasting symbol of Pakistan-Russia ties.
Express Tribune
11-07-2025
- Business
- Express Tribune
Pakistan, Russia sign protocol to revive PSM
China appeared to be out of the race for getting the contract for the revival of Pakistan Steel Mills (PSM) as Pakistan and Russia signed a protocol on the matter on Friday aimed at restarting and expanding steel production in the country and marking a new chapter in Pak-Russian cooperation. The protocol to restore and modernise the PSM in Karachi was signed by Industries Secretary Saif Anjum and General Director of Industrial Engineering LLC Vadim Velichko at the Pakistan Embassy in Moscow, according to a statement issued here. The signing ceremony was witnessed by Special Assistant to Prime Minister Haroon Akhtar Khan, Pakistan's Ambassador to the Russian Federation Muhammad Khalid Jamali and others. Khan is currently on a visit to Russia with a mission to seek assistance for the revival of the PSM. "Reviving the PSM with Russia's support reflects our shared history and commitment to a stronger industrial future," Khan said, according to the statement. It said that the PSM was originally built with assistance of former Soviet Union in 1971, and had remained a lasting symbol of Pakistan-Russia ties. The PSM had started crumbling in 2008. A major reason behind the mill's failure was thousands of new appointments, global recession as well as other factors. The PSM recorded a loss of Rs16.9 billion in 2008-09, which jumped to Rs118.7 billion in five years. Successive governments of the Pakistan Peoples Party (PPP) and the Pakistan Muslim League-Nawaz (PML-N), which had been in power from 2008 to 2018, had failed to efficiently run this industrial behemoth, whose financial woes continued due to all time high losses. Later, the Pakistan Tehreek-e-Insaf (PTI) government launched an initiative to revive it, triggering a race between China and Russia to get the contract. Initially, the PTI government was tilted towards China and had started negotiations with a Chinese firm but the talks could not materialise. The Russians, on the other hand, had claimed that since the project had been built by them with the Russian technology; therefore, they were in the best place to find solution to the problems of the sick unit and make it up and running again. The PSM had cumulative profit of Rs9.54 billion up to financial year 2007-08 during the tenure of the then president Pervez Musharraf. Over the next 10 years, its losses continued to swell, reaching Rs200 billion at the end of its tenure on May 31, 2018. Liquidity crunch in the country, import of steel products at lower prices and closure of production units because of gas outages were among the major drawbacks the PSM faced. A flood of cheap steel imports from China also created hurdles in the way of smooth functioning of the PSM. In a meeting of the Economic Coordination Committee (ECC) on March 19, 2016, the Industries Ministry officials held the view that the Pakistan-China free-trade agreement (FTA) - in force since 2007 - was responsible for the PSM's financial collapse. During the PML-N government tenure, a Rs18.5-billion bailout was approved and the industries ministry was tasked with increasing the PSM's capacity utilisation to 77% - the break-even point - by January 2015 so that it could be put up for sale.
Arab News
11-07-2025
- Business
- Arab News
Islamabad, Moscow sign protocol to restore and modernize Pakistan Steel Mills
ISLAMABAD: Pakistan and Russia have signed a protocol to restore and modernize the Pakistan Steel Mills (PSM) in Karachi, Pakistani state media reported on Friday. The development comes days after the two sides discussed plans to modernize the major steel complex and expand industrial cooperation on the sidelines of the INNOPROM Annual Industrial Forum in Yekaterinburg. INNOPROM, Russia's largest annual industrial trade fair, brings together government delegations, business leaders and technology firms from over 30 countries to explore partnerships in manufacturing, engineering and high-tech industries. The protocol was signed at the Pakistan Embassy in Moscow by Pakistan's Secretary of Industries and Production Saif Anjum and Russian General Director of Industrial Engineering LLC Vadim Velichko, reaffirming the long-standing industrial partnership. 'The project aims to restart and expand steel production [in Pakistan], marking a new chapter in bilateral cooperation,' read a report on Radio Pakistan broadcaster. The PSM, once Pakistan's flagship industrial complex, was built in the 1970s with Soviet assistance. While it symbolized national self-sufficiency, the mill has been non-operational since 2015 due to years of financial mismanagement, political interference and mounting losses. Moscow is also expected to finalize an agreement with Islamabad this summer to construct a new steel mill in Karachi, Russian Consul-General Andrey B. Fedorov told Arab News this month. Technical experts from Russia have already inspected the proposed site for the new facility, and another delegation is expected soon to draft a detailed roadmap. Russia has a long history of industrial cooperation with Pakistan, having previously built key infrastructure projects such as the Guddu Power Station in Sindh in the 1980s, one of the country's major electricity producers. Moscow and Islamabad have expanded cooperation in recent years despite global tensions over the war in Ukraine.
