Overview

• On July 12, 2025, Pakistan’s secretary of industries, Saif Anjum, and Industrial Engineering LLC’s Vadim Velichko formalized the protocol at Pakistan Embassy in Moscow.
• The agreement tasks Russia with restoring and modernizing the Karachi-based steel mill to restart and expand production.
• Special Assistant Haroon Akhtar Khan said the pact honors the Soviet-era foundation of the mill and aims to strengthen Pakistan’s industrial capacity.
• Originally built in 1973 with Soviet support, the steel complex has incurred mounting losses since 2008 due to mismanagement and economic downturns.
• Russia prevailed over China in the contest for the revival contract after earlier Chinese negotiations failed to yield a deal.