Steel Mills revival on cards as PM Shehbaz to visit Russia in March
Five Russian firms show interest in investing: Agreements and MoUs likely during high-level meetings
Prime Minister Shehbaz Sharif is set to undertake a key visit to Russia in the first week of March, with the revival of Pakistan Steel Mills (PSM) expected to top the agenda, 24NewsHD TV channel reported on Thursday.
According to sources, the visit will follow the prime minister’s trip to the United States and is being viewed as crucial for advancing negotiations over the restoration of the long-idle steel complex.
Five Russian companies have expressed interest in investing in the revival of the mill, raising expectations of significant progress during the Moscow talks.
The prime minister is expected to meet senior Russian leadership, with multiple agreements and memorandums of understanding likely to be signed between Islamabad and Moscow.
Regional peace, security cooperation, and the expansion of economic and trade ties will also feature prominently in the high-level discussions.
Officials said the federal government has prepared a comprehensive roadmap aimed at restoring operations at Pakistan Steel Mills, reflecting the prime minister’s vision of bringing the country’s largest industrial complex back into production.
Established in 1973 near Karachi, Pakistan Steel Mills was designed with an initial annual production capacity of 1.1 million tonnes, expandable to three million tonnes.
Spread across 18,600 acres along the National Highway near Port Muhammad Bin Qasim, the facility produces flat steel products, including slabs, hot- and cold-rolled coils, and galvanised sheets.
The mill has remained inoperative for several years due to severe financial and management challenges. Successive governments have sought to rehabilitate and privatise the plant.
In 2025, a protocol was signed with Russia to facilitate its revival, marking a renewed push for foreign collaboration.
Officials said that beyond Russian interest, foreign investment from other countries, including Chinese firms exploring opportunities in shipbuilding and steel production within the broader industrial area, is also under consideration.
Reporter: Awais Kiani