Pakistan, July 2 -- Russia expects to finalize an agreement with Pakistan this summer to build a new steel mill in Karachi, Consul-General Andrey V. Fedorov said on Monday, the first time a Russian official has publicly confirmed the planned project.

The new project will mark the revival of Cold War-era industrial cooperation as Islamabad seeks fresh foreign investment and closer ties with Moscow.

The Soviet Union built the original Pakistan Steel Mills (PSM) in Karachi in the 1970s as the country's flagship state-run industrial complex. Once a symbol of national self-sufficiency, PSM has remained dormant since 2015 due to years of mismanagement, political interference and financial decline. By the end of fiscal year 2024, the mill had ...