Under the leadership of Prime Minister Shehbaz Sharif, the federal government has initiated plans to permanently close Pakistan Steel Mills, a move aimed at addressing the entity's longstanding financial woes. The decision comes amidst efforts to reevaluate the use of PSM's extensive land, spanning approximately 1,683 acres, located in Karachi, Sindh.
In addition to the closure of PSM, discussions have surfaced regarding the establishment of a new steel mill facility on the same premises in collaboration with the Sindh government. This proposal has garnered support from the Special Investment Facilitation Council, highlighting potential economic benefits and industrial development opportunities.
The Ministry of Industries and Production, under directives from Prime Minister Shehbaz Sharif, has been tasked with drafting a comprehensive plan for the closure of PSM and exploring the feasibility of the new steel mill project. The aim is to efficiently utilize the land previously occupied by PSM for industrial purposes, contributing to economic growth and job creation in the region.
