Pakistan and Russia have agreed to set 2027 as the target year to begin the revival and expansion of Pakistan Steel Mills, a parliamentary panel was informed.
The update came during a subcommittee meeting of the Public Accounts Committee, chaired by Dr. Tariq Fazal Chaudhry. The session reviewed the Ministry of Industries and Production Audit Report for 2019–20.
Secretary Industries Saif Anjum told the committee that physical work on Pakistan Steel Mills will commence after the signing of the Engineering Procurement and Construction (EPC) contract with the Russian side. He said the EPC agreement is being drafted to make the project financially viable.
Anjum recalled that in November 2025, the Pakistan-Russia Inter-Government Commission signed the second protocol for reviving Pakistan Steel Mills. The protocol confirmed moving forward with a formal EPC contract to restart operations.
The secretary added that the Russian firm Industrial Engineering LLC recently visited Pakistan for a technical audit of the steel mill. The firm also requested an asset valuation, which currently stands at Rs. 139 million.
During discussions, the panel also reviewed an irregular payment in the Al Tuwairqi Steel case, amounting to Rs. 148.5 million. Anjum explained that Pakistan had delayed filing a local case due to diplomatic relations with Saudi Arabia. The federal government, following committee recommendations, will now file the case in the Sindh High Court to recover the amount.
He further informed the committee that the previous owner of the steel mill has sold 95 percent of his stake. The remaining 5 percent cannot be sold under Securities and Exchange Commission of Pakistan rules. The government can confiscate these shares if payment obligations are not fulfilled.
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The revival of Pakistan Steel Mills aims to strengthen Pakistan’s industrial sector, create jobs, and enhance steel production capacity with international collaboration.
