Islamabad: The Federal Government has moved toward reviving Pakistan Steel Mills (PSM) instead of proceeding with its earlier liquidation plan, as work continues with Russian firm Industrial Engineering LLC on restoration, modernisation and restructuring. Two protocols have been signed with the Russian company: the first covers revival and modernisation, while the second focuses on calculating operational and capital expenditure requirements. An assessment of production costs and market feasibility has also been undertaken to support the next decision-making stage. The Ministry of Industries and Production earlier confirmed that a comprehensive strategic, financial and operational roadmap had been finalised and that five companies had shown interest in the revival. Pakistan and Russia have also discussed 2027 as the targeted start for the construction phase, subject to completion of the required EPC arrangements.
