On Monday, Russian Ambassador Albert Khorev announced that next week, negotiations will take place between Moscow and Pakistan to restore the Pakistan Steel Mills (PSM).
He told this to Sindh Chief Minister Syed Murad Ali Shah during a meeting at Karachi’s Chief Minister House.
Pakistan wishes to improve its ties with Russia in the areas of health, education, and culture, the chief minister of Sindh stated at the meeting.
Speaking at the event, the Russian Ambassador stated that next week, specialists from Pakistan and Russia will talk about the restoration of the Steel Mill online. Following the online debate, the Russian delegation will visit the Steel Mill.
According to the Sindh chief minister, installing a new steel mill plant would be preferable since it would stabilize the economy and create jobs.
The state-owned company Pakistan Steel Mills (PSM), which has been suffering significant losses for years, was shut down by the federal government on July 3.
According to a statement from the Secretary of Industry and Production, the Sindh government has been offered the opportunity to acquire 700 acres of the PSM’s 19,000 acres of land and build its own steel plant there.
According to the secretary, they discovered that the Pakistan Steel Mills had no buyer last year. He went on to say, “The land will be used for industrial purposes, aside from 700 acres.”
According to Chief Financial Officer (CFO) Arif Sheikh, PSM’s financial losses and subpar performance have led the federal government to decide to shut it down.
