The Ministry of Industries and Production informed the National Assembly’s Standing Committee on Industries and Production that a team of Russian experts is evaluating the revival of Pakistan Steel Mills (PSM), with a final decision expected by June 30.
Ministry officials stated that the Russian team is currently assessing the mill’s condition and is set to submit its report by January 31. Despite PSM’s liabilities reaching Rs345 billion, the ministry indicated that discussions with Russia are moving forward positively.
The chairman of the Standing Committee on Industries emphasized that efforts are focused on reviving the mill rather than scrapping it.
The ministry acknowledged that PSM has remained closed since 2015 due to inefficiencies but expressed optimism that cooperation with Russia could lead to a viable recovery plan.
The committee, chaired by MNA Syed Hafeezuddin, requested a detailed financial report on PSM, raising concerns over its liabilities and operational status.
It also urged K-Electric to take over the power distribution network and collect payments directly from consumers instead of relying on PSM. The chairman criticized K-Electric, holding it responsible for the challenges facing Karachi’s industry.
