The government of Pakistan is thinking about a proposition to lay out another steel factory in Karachi with Russian participation and the two nations consented to frame working groups to arrange the venture's subtleties.
In such manner, Russia's Deputy Minister of Industry and Trade Alexey Gruzdev met with Industries, Production and National Food Security Minister Rana Tanveer Hussain. The minister informed that the government of Pakistan has reserved 700 acres of land previously reserved for Pakistan Steel Mills for laying out a new Steel Factory.
He said regardless of being blessed with extensive reserves of iron ore (assessed reserves of 1887 million tons), Pakistan is importing from other countries around $2.7 billion of iron and steel.
There is unending hole between demand of iron and steel and local production. For the last year, the hole is assessed at 3.1 million tons, he added.
#NewSteelMill #Karachi #Government
