Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry has announced a plan to revive the dormant Pakistan Steel Mills (PSM) through a maritime-industrial partnership with the Ministry of Industries and Production.
During a meeting with Special Assistant to the Prime Minister on Industries and Production, Haroon Akhtar Khan, the minister presented a proposal to create Pakistan’s first “Sea to Steel Green Maritime Industrial Corridor” at Port Qasim.
The project aims to integrate ship recycling, steel manufacturing, and sustainable industrial practices into a single ecosystem.
Pakistan currently imports about $6 billion worth of steel annually, with demand projected to rise by nearly 6% each year through 2035, according to a World Bank report.
The minister said the initiative could cut steel imports by up to 20%, generating potential savings of more than $13 billion over the next decade.
The plan focuses on reviving the long-idle Iron Ore and Coal Berth (IOCB) at Port Qasim, inactive since 2015, by converting it into a modern ship recycling and repair facility with a floating dock capable of handling Aframax-class vessels. Steel recovered from dismantled ships would be supplied to Pakistan Steel Mills or reprocessed at a nearby facility into high-grade steel.
The project also envisions serving the Pakistan National Shipping Corporation (PNSC), reducing reliance on foreign shipyards for repairs.
Special Assistant Haroon Akhtar Khan supported the proposal, stressing inter-ministerial cooperation for economic development.
Pakistan Steel Mills (PSM) is a state-owned industrial complex located in Karachi, established in the 1970s as Pakistan’s primary integrated steel producer. The company has been inactive for several years due to operational and financial challenges but remains under the ownership of the Government of Pakistan.
Port Qasim Authority (PQA) is a government agency responsible for managing Port Qasim, Pakistan’s second-largest seaport, located near Karachi. It operates under the Ministry of Maritime Affairs and handles a significant share of the nation’s maritime trade.
