The federal government has prepared a plan to establish a new steel mill in Karachi for which 700 acres of land has also been allocated.
The government is considering a proposal to set up a new steel mill in Karachi with the help of Russia and the two countries have agreed to form a working group to take the project forward.
In this regard, the Deputy Minister of Industry and Trade of the Russian Federation Alexey Grozdeo met the Minister of Industry, Production and National Food Security Rana Tanveer Hussain. Alloted.
He said that despite being rich in iron ore deposits (1887 million tons), Pakistan is forced to import iron and steel worth about $2.7 billion. There is a constant gap between domestic production and demand for iron and steel. Last year the gap is estimated at 3.1 million tonnes.
He said that the government wants to establish a new steel mill with the cooperation of Russia, the Russian Deputy Minister of Industry and Production agreed to propose a new steel mill at the highest level in his government, remember that Pakistan Steel Mills since June 2015. It is closed and proposals for its privatization have been made several times.