Russia keen on setting up new steel mill in Karachi

The government is considering a proposal to establish a new steel mill in Karachi with Russian cooperation, as both countries have agreed to form working groups to advance the project. In this regard, Deputy Minister of Industry and Trade of Russian Federation Aleksei Gruzdev met Minister for Industries, Production and National Food Security Rana Tanveer Hussain on Wednesday. Mr Tanveer informed the Russian minister that 700 acres of dysfunctional Pakistan Steel Mills (PSM) had been earmarked for establishing a new steel-producing facility. The proposed site is located in Karachi and is close to Port Qasim, which reduces the cost of transportation of raw materials.