The government has decided to enhance production of Pakistan Steel Mills (PSM) from 1.1 million tons to three million tons per year.
A meeting held here on Tuesday discussed balancing, modernisation, revamping and extension of the mill with technical assistance from Russia.
Federal Minister for Industries and Production Mir Hazar Khan Bijarani and Russian Ambassador to Pakistan Andrey Sergeevich Budnik, who were present in the meeting, decided that a proposal should be worked out to expand the steel mill’s production capacity to three million tons per year.
The Ministry of Industries and Production will finalise the proposal within two days after consultation with other public sector stakeholders. The Russian ambassador also gave suggestions in this regard.
The two governments will finalise terms and conditions of technical and financial assistance offered by Russia.
If both the governments agree on the proposal, a memorandum of understanding will be signed by the Ministry of Industries and Production and the Russian Economic Development Ministry during President Asif Ali Zardari’s visit to Russia next month.
Published in The Express Tribune, April 20th, 2011.
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