The Pakistani government has started talks with Russia to set up a modern steel plant at the site of the inactive Pakistan Steel Mills (PSM), according to media reports. A Russian delegation will visit Pakistan on Friday to explore trade and investment opportunities.
700 acres of land belonging to PSM has been earmarked for the new steel mill. The proposed site’s proximity to Port Qasim will reduce the cost of transportation of raw materials.
PSM, built in the 1970s with Soviet assistance, has been shut down since 2015 due to financial issues. In June last year, the government decided to close PSM, which had ceased operations in 2015, releasing lands for industrial use, as SteelOrbis previously reported.