This was reported by local media after a meeting between Pakistan's Minister of Industry and Agriculture Rana Tanvir and Deputy Minister of Industry and Trade of the Russian Federation Alexei Gruzdev.
The new enterprise is to be built on the site of Pakistan Steel Mills, which was built by Soviet specialists in the 70s of the twentieth century. Now it has been decommissioned, but the site in the city of Karachi, near Port Qasim, is equipped with the necessary infrastructure.
As Rana Tanvir noted, iron ore reserves in Pakistan are estimated at 1.89 billion tons. But at present, these resources are not being utilized in any way. In 2023, Pakistan imported steel products worth about $2.7 billion. Net imports amounted to 3.1 million tons. So far, per capita steel consumption in the country is very low, but there are prospects for growth.
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