Russia to assess Pakistan Steel Mill revival with a decision expected by June 30 as informed to a parliamentary standing committee.
The Ministry of Industries and Production informed a parliamentary standing committee on Thursday that a team of Russian technical experts is evaluating the revival of Pakistan Steel Mills (PSM), with a final decision expected by June 30 this year.
Recently, the Russian team visited Pakistan and also held virtual discussions regarding PSM’s restructuring. Ministry officials stated that the technical team was analyzing various aspects and would submit its report by Friday (today). Despite PSM’s mounting debts of Rs345 billion, discussions with Russia are progressing positively.
Chairman of the National Assembly’s Standing Committee on Industries and Production, Syed Hafeezuddin, emphasized that efforts were focused on reviving the mill rather than shutting it down.
The ministry acknowledged that PSM had been non-operational since 2015 due to inefficiencies but remained hopeful that collaboration with Russia could provide a sustainable revival plan.
During the meeting, chaired by MNA Hafeezuddin, the committee requested a comprehensive financial report on PSM, voicing concerns over its debts and operational challenges.
Additionally, the committee urged K-Electric to take direct charge of power distribution and payment collection instead of depending on PSM. The chairman criticized K-Electric, blaming it for the decline of Karachi’s industrial sector.
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