PSM looks for Russian support to boost production


ISLAMABAD – Pakistan would seek Russian assistance to boost production capacity of the Pakistan Steel Mills (PSM) from the present one million tonnes to three million tonnes per annum. This was stated by the Minister for Industries and Production Mir Hazar Khan Bijarani, while chairing a meeting on modernisation, revamp and extension (BMRE) of PSM through Russia’s technical assistance. The meeting was convened to prepare a Memorandum of Understanding (MoU), expected to be signed during the upcoming visit of President Asif Ali Zardari to Russia in May.
The meeting decided to formulate a proposal for expansion of PSM’s production capacity to three million tonnes per annum. The meeting decided to finalise this proposal, within two days, in consultation with all other public sector stake holders. Russian Ambassador Andrey Sergeevich Budnik also attended the meeting. He proposed suggestions, on behalf of the Russian government, on the BMRE of PSM. The terms and conditions of technical and financial assistance, offered by the Russia, would be finalised by both governments when draft of the proposed MoU will be forwarded to Russian Embassy.