Latest news with #SteelMills
Asia News Network
12-07-2025
- Business
- Asia News Network
Russian minister calls Islamabad and Moscow ‘natural allies,' reaffirms bilateral cooperation
ISLAMABAD – Russia's Deputy Prime Minister Alexei Overchuk on Thursday said Pakistan and Russia were 'natural allies', stressing that Russian President Vladimir Putin views Islamabad as an important strategic partner in the areas of economy and energy, the Foreign Office said in a statement. In recent years, Russia and Pakistan have engaged in strengthening bilateral ties with each other. On June 3, Russian Foreign Minister Sergey Lavrov, in a meeting with Special Assistant to the Prime Minister on Foreign Affairs Syed Tariq Fatemi, reaffirmed Russia's desire to expand cooperation with Pakistan. Moscow's growing engagement with Islamabad — including defence deals, energy cooperation and regular joint military exercises — reflects a strategic shift to diversify partnerships across the region. In a high-level meeting with Ambassador Fatemi and the prime minister's aide on Industries and Production, Haroon Akhtar Khan, in Moscow, the Russian DPM reaffirmed his country's commitment towards deepening bilateral cooperation with Pakistan. 'Characterising Pakistan and Russia as natural allies, [Overchuck] stressed that President Putin considered Pakistan as an important partner in the growth and development of the economy and energy in the region,' the statement said. 'He also highlighted the significance of important connectivity projects between two countries, such as the railway connectivity between Uzbekistan, Pakistan and Russia, and the launching of a pilot cargo train between Pakistan and Russia in August 2025.' During the meeting, Fatemi reaffirmed Pakistan's commitment to strengthening relations with Russia, stressing that strong links with the country were a top priority. 'Pakistan views Russia as a stabilising factor in the international arena,' he added, according to the statement. Speaking about the New Steel Mills project in Karachi, SAPM Haroon Akhtar — focal point for the project — said the project carries the legacy of Pakistan's relations with Russia, hailing it as a 'leap forward' for future cooperation and partnership. On May 13, Pakistan and Russia signed an agreement to establish a new steel plant in Karachi, according to a press release from the Press Information Department (PID). The two sides reviewed engagement across all areas of mutual interest, including political, trade and economic cooperation, as well as energy, connectivity, industrial and agricultural cooperation. They also discussed recent geopolitical and regional issues such as the situation in South Asia, Afghanistan, and the Middle East. During the recent Indian aggression against Pakistan in May, Russia had offered to mediate between the two countries. DPM Overchuk shared that President Putin was in favour of strengthening cooperation with Pakistan across all relevant sectors. He added that President Putin was looking forward to meeting Prime Minister Shehbaz Sharif in August in the upcoming SCO-Council of Heads of State in Tainjin, China. In September 2024, Overchuk visited Pakistan, where he met with his Pakistani counterpart, Ishaq Dar. The two signed
South China Morning Post
17-05-2025
- Business
- South China Morning Post
India's manufacturers fear influx of cheap Chinese imports amid US-China trade war fallout
Indian manufacturers are sounding the alarm over a growing influx of low-cost Chinese goods, from yarn and steel to toys and electronics, warning that they are being priced out of their own markets as Beijing redirects more exports away from the United States Despite the US and China agreeing to steep tariff reductions last week, analysts warn that years of trade tensions between the world's two largest economies have already led to a flood of cheap Chinese goods in India and markets elsewhere, leaving local manufacturers struggling to compete. Earlier this month, the South India Spinners Association reported that at least 50 small spinning mills in southern textile hubs like Pallipalayam, Karur, and Tirupur were facing production slowdowns. Many fear further cutbacks are now on the horizon as raw material imports from China, such as yarn, undercut prices in the domestic market. People work at a garment factory in Tirupur, India's Tamil Nadu state, last month. Photo: Reuters The steel sector faces similar challenges. In December, executives from small and medium-sized steel mills, which account for 41 per cent of India's total steel output, revealed that capacity utilisation had plummeted by nearly a third over the previous six months. These mills, unable to match Chinese steel priced US$25 to $50 cheaper per tonne on average, have been forced to scale back operations and consider lay-offs, Reuters reported. The origins of this upheaval can be traced back to the US-China trade war, which began in 2017 during President Donald Trump 's first term and continued under his successor Joe Biden. By 2024, China's share of US non-oil goods imports had fallen by nearly 10 percentage points to 16 per cent, according to a report from financial services group Nomura published in April. However, China's global export share remained near an all-time high of 15 per cent, the report found, reflecting Beijing's efforts to redirect surplus trade towards alternative markets.
Express Tribune
02-03-2025
- Business
- Express Tribune
National Highway blocked for seven hours as Steel Mills employees stage protest
Steel Mills employees staged a protest on the National Highway for over seven hours on Saturday, paralysing traffic and leaving commuters stranded for hours, according to Express News. The demonstration began around 5pm, with workers rallying against dismissals and the suspension of electricity and gas supply to their residential quarters. Both tracks of the highway were blocked, causing severe traffic congestion in surrounding areas. Traffic police diverted vehicles from Port Qasim Chowrangi and FB Area Cut to alternative routes. However, long queues of vehicles remained on nearby roads, creating hardships for commuters. According to a traffic police spokesperson, the protest ended at around 12:30am after negotiations between the workers and authorities. Traffic flow on the highway was later restored. The employees have been demanding the reinstatement of their jobs and restoration of utility services, which were disconnected following the layoffs. Last year in November, Sindh Chief Minister Murad Ali Shah sought assistance from the Russian embassy in reviving Pakistan Steel Mills, proposing the installation of a new plant to strengthen the economy and boost employment. The request was made during a meeting with Russian Ambassador Albert P. Khorev, who was accompanied by Russian Consul General Andrey Fedorov and other officials. Chief Minister Shah emphasised the importance of Pakistan's relationship with Russia, highlighting that a functional steel mill could stabilise the economy and resolve employment issues for mill workers.
