Russia weighs Pakistan Steel Mills revival amid Rs345bn debt

ISLAMABAD: A team of Russian experts is evaluating the revival of Pakistan Steel Mills (PSM), with the final decision expected by June 30, the Ministry of Industries and Production informed a parliamentary panel on Thursday. A technical team from Russia recently visited Pakistan and held virtual meetings to discuss a restructuring plan.

The ministry officials revealed that the Russian team was currently assessing the situation and was set to submit its report by January 31 (today). Despite PSM’s mounting liabilities, which have reached Rs345 billion, discussions with Russia are progressing positively.

“Efforts are being made to revive the mill instead of scrapping it,” chairman National Assembly’s Standing Committee on Industries and Production reviewing the matter said.

The ministry admitted that the mill had remained shut since 2015 due to inefficiencies. However, officials remain optimistic that collaboration with Russia could lead to a viable revival plan.

The committee that met here with MNA Syed Hafeezuddin in the chair sought a detailed financial report on Pakistan Steel Mills (PSM), expressing serious concerns over its liabilities and operational status.

The committee urged K-Electric to assume control of the power distribution network and collect payments directly from the public instead of relying on Pakistan Steel Mills. “K-Electric is responsible for the destruction of Karachi’s industry,” the chairman remarked.