Daily Times

On Thursday, the Ministry of Industries and Production informed a parliamentary standing committee that a team of Russian technical experts was evaluating the revival of Pakistan Steel Mills (PSM), with a final decision expected by June 30 this year.

The Russian team recently visited Pakistan and held virtual meetings to discuss plans for restructuring the steel mill, according to The News.

Ministry officials mentioned that the team was carefully evaluating various aspects of the mill’s operations and was set to submit its report by Friday (today). Despite the steel mill’s mounting debt, now at Rs345 billion, discussions with Russia are progressing positively.

“Efforts are being made to revive the mill rather than shut it down,” said Syed Hafeezuddin, Chairman of the National Assembly’s Standing Committee on Industries and Production, during a review of the matter.

The ministry acknowledged that the mill has remained closed since 2015 due to inefficiencies but expressed optimism that cooperation with Russia could lead to a workable revival strategy.

During the committee meeting, chaired by MNA Hafeezuddin, concerns were raised about the mill’s liabilities and operational status, and a request was made for a comprehensive financial report on PSM. The committee also urged K-Electric to take control of the power distribution network and collect payments directly from the public, instead of depending on PSM. “K-Electric is responsible for the decline of Karachi’s industries,” remarked the chairman.