Islamabad, July 11, 2025 – In a major step towards reviving the country’s industrial strength, Pakistan and Russia have officially signed a protocol to restore and modernize the long-dormant Pakistan Steel Mills (PSM).
This move signals a renewed commitment to strengthening bilateral industrial cooperation and revitalizing one of Pakistan’s most iconic industrial assets.
The signing ceremony took place at the Pakistan Embassy in Moscow, where Secretary of the Ministry of Industries and Production, Saif Anjum, and Vadim Velichko, General Director of Industrial Engineering LLC, signed the agreement on behalf of their respective countries. The event was attended by Special Assistant to Prime Minister (SAPM) Haroon Akhtar Khan and Pakistan’s Ambassador to the Russian Federation, Muhammad Khalid Jamali.
According to an official press release, the protocol sets the stage for the full-scale revival, upgrading, and expansion of PSM, with Russia providing technical expertise and engineering assistance. The collaboration marks a new era in the long-standing industrial relationship between Pakistan and Russia.
SAPM Haroon Akhtar Khan hailed the agreement as a milestone in bilateral relations. “Reviving PSM with Russian cooperation not only reaffirms our shared industrial history but also highlights our joint vision for economic progress and sustainable development,” he said.
Built with Soviet support in 1971, Pakistan Steel Mills was once the backbone of the country’s industrial sector. Its decline over the years has been a matter of national concern, impacting thousands of jobs and the domestic steel supply chain. The latest agreement brings fresh hope that PSM can once again become a pillar of Pakistan’s industrial economy.
The Ministry of Industries and Production has indicated that the modernization plan includes the restoration of core production units, technology upgrades, and the training of a skilled workforce to operate under international standards. Russia’s Industrial Engineering LLC is expected to lead the technical assessment and implementation phase.
This development is not just about reviving a steel plant—it’s about rekindling Pakistan’s industrial ambitions with Russian support, building a stronger, self-sufficient economy rooted in strategic partnerships.