President Mahmoud Ahmadinejad inaugurated two new units at the privately-owned Bonab Steel Complex, which is the largest of its kind in the Middle East.
A corrugated steel bar production line and a steel ingot production line came on stream on Monday, the Islamic Republic of Iran News Network reported.
The steel bar production unit which has drawn $170m in finances will create more than 800 job opportunities. It is capable of turning out over one million tons of corrugated steel bars a year.
The ingot production has also come with a price tag of $170m, creating some 700 jobs. It can produce around 500 thousand tons of steel ingots on an annual basis, according to Press TV.
Several projects have been inaugurated in Iran's steel industry over the past week.
On June 28, the phase three of a major steel complex was inaugurated in the city of Natanz in Isfahan province.
The factory is the largest producer of steel rods in the Middle East.
The plant also manufactures some other industrial products, including different types of electrodes, certain raw materials used in the rubber industry, nails and barbed wire.
The 270-million-dollar project creates 700 direct and 10 thousand indirect jobs.
The International Iron and Steel Institute has named Iran as the 16th largest steel producer in the world in 2009.