Pakistan and Russia have agreed to start construction work on the revival and expansion of Pakistan Steel Mills in 2027. This information was shared with a parliamentary sub-committee during a meeting held to review the Ministry of Industries and Production’s Audit Report for the year 2019–20.
Officials told the committee that construction will officially begin once an Engineering, Procurement and Construction (EPC) contract is signed with the Russian side. This contract will clearly outline the technical work, costs, and responsibilities involved in bringing the steel mill back into operation.
They also informed the members that in November 2025, the Pakistan–Russia Inter-Government Commission signed a second formal protocol. This agreement was aimed at pushing the revival project forward and preparing a strong and financially viable EPC contract that can attract investment and support long-term operations.
As part of the preparation process, a Russian company conducted a detailed technical audit of Pakistan Steel Mills. The firm also asked for a complete valuation of the plant’s assets. According to officials, the current estimated value of these assets is around 139 million dollars.
The audit and valuation are considered important steps in the revival plan, as they help assess the condition of existing infrastructure and determine what upgrades or replacements are needed. Authorities believe these measures will pave the way for restarting production at the steel mill, which has remained non-operational for many years.
