Marking a significant step towards reviving Pakistan’s industrial sector, Pakistan and Russia have formalized an agreement to restore and modernize the long-dormant Pakistan Steel Mills (PSM) in Karachi. The protocol, signed on July 11, 2025, at the Pakistan Embassy in Moscow, signifies a renewed chapter in the historic industrial partnership between the two nations.

The agreement was signed by Saif Anjum, Pakistan’s Secretary of Industries and Production, and Vadim Velichko, General Director of Russia’s Industrial Engineering LLC, in the presence of Special Assistant to the Prime Minister (SAPM) Haroon Akhtar Khan and Pakistan’s Ambassador to Russia, Muhammad Khalid Jamali. The project aims to restart and expand steel production at PSM, a facility originally built with Soviet assistance in the 1970s and once considered the backbone of Pakistan’s industrial capacity.

“Reviving PSM with Russia’s support reflects our shared history and commitment to a stronger industrial future,” said SAPM Haroon Akhtar Khan during the signing ceremony. He emphasized that the collaboration aligns with Prime Minister Shehbaz Sharif’s vision to strengthen Pakistan’s industrial base, attract foreign investment, and boost economic growth.