- Advertisement -
ISLAMABAD, Jan 21 (APP):The government has decided to move towards the revival of Pakistan Steel Mills (PSM), reversing its earlier plan to liquidate the state-owned enterprise, the National Assembly was informed on Wednesday.
Parliamentary Secretary for Industries and Production Shahid Usman told the House that two protocols had been signed between Industrial Engineering LLC of Russia and PSM under the Ministry of Industries and Production.
He said the first protocol, signed in Moscow on July 10, 2025, covered cooperation on the revival, modernisation and restructuring of PSM, while the second, signed during the 10th session of the Pakistan-Russia Intergovernmental Commission on Nov 26, 2025, focused on operational and capital expenditure calculations required for manufacturing.
He said the exercise to determine production costs and market feasibility was underway and was expected to be completed by May 15, 2026, after which a final decision on the revival of the mill would be taken.
In response to a question, Usman said that in May 2024, the Apex Committee of the Special Investment Facilitation Council (SIFC) had decided to scrap PSM and earmark its land for a new steel mill in coordination with the Sindh government.
He said the Cabinet Committee on Rightsizing had later approved the liquidation of the existing mill in August 2024.
“However, the government has now decided to move towards the revival of the mill,” he said, adding that a formal summary in this regard had been submitted to the Ministry of Industries and Production for consideration.
Responding to a supplementary question, the parliamentary secretary said the policy direction was now clear and the government intended to restore PSM to operational status.
He added that the timeline agreed with the Russian company would be followed and further steps would be taken accordingly.