Iran's steel production capacity to increase by 4 times

Business Materials 26 May 2011 17:35 (UTC +04:00)

Azerbaijan , Baku, May 26 /Trend/

Iran 's steel production capacity will increase 4 times by 2015, ISNA reported quoting Iranian Deputy Minister of Industries and Mines Mehdi Qhazanfari as saying.

"An annual demand for steel is 24.5 million tons," he said. "We raised the production capacity to 19 million tons but we need more capacities."

"Iran's steel production capacity will increase to 42 million tons by 2015 and if we succeed Iran would become major steel supplier in the world," he noted.

Iran invested $20 billion launching 16 mines and industrial plans.

The Iranian official predicted the implementation of 106 industrial plans valued at $29 billion.

West Asia Steel Company with the value of $23billion and production capacity of 500,000 tons was inaugurated by the Iranian president on Thursday.