Russia to Upgrade Pakistan Steel Mills with $2.8M Study
Russia to Help Pakistan Upgrade Steel Mills
ISLAMABAD – Russia is helping Pakistan prepare a plan to upgrade its steel mills, and the plan will be ready by September 15, said Secretary for Industries and Production Saif Anjum during a government meeting chaired by Syed Hafeezuddin.
Russia will spend $2.8 million to complete this feasibility study. The plan includes repairing the old steel mill and possibly building a new one.
An official told the meeting that $400 million will be needed to restore the ballast furnace, which is a key part of the old steel mill. A new turbine would cost about $1 billion.
Pakistan currently imports $3 billion worth of steel every year. The government is studying ways to get Russian financial support to build a new steel mill.
Saif Anjum said the government will need to invest money in the new project. He added that parts of the old steel mill will be sold to help fund the new one. The new steel mill may be built on 700 acres of land using modern technology.
He also said talks with Russia are important because the original steel mill was built with Russian technology.
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