Pakistan and Russia have signed a set of agreements aimed at reviving the long-idle Pakistan Steel Mills, marking a renewed push to strengthen industrial and economic cooperation between the two countries.
The development follows high-level engagements between officials from both sides, with talks also focusing on the potential establishment of a new steel mill in Karachi to support Pakistan’s growing infrastructure and manufacturing needs.
Finance Minister Muhammad Aurangzeb highlighted the importance of industrial revival as part of broader economic reforms, noting that restoring steel production capacity could help reduce import dependence, create jobs, and support long-term economic stability.
Pakistan Steel Mills, once a cornerstone of the country’s industrial base, has remained largely inactive for years due to financial and operational challenges. Officials say cooperation with Russia – which originally assisted in establishing the facility – could play a key role in its revival through technical expertise, investment, and modernisation.
Both sides reaffirmed their commitment to advancing economic collaboration, with steel sector cooperation seen as a critical component of the broader Pakistan–Russia engagement.
