Chinese investors to finance steel projects in Iran
Azerbaijan, Baku, Aug.10/ Trend F.Milad/
Chinese investors have announced readiness to finance seven steel projects in Iran, the Iranian industry, mine and trade minister said.
Mehdi Ghazanfari told the ISNA News Agency that a deal has been recently signed with a Chinese consortium to invest in the projects.
He did not comment further on the issue.
The cabinet has recently approved €2.1 billion to expedite the implementation of seven steel projects.
Despite global economic sanctions, the country's steel output increased by 5 million tons during the past two years, reaching 17 million tons, IRNA News Agency reported on Saturday.
Iran produced over five million tons of crude steel during the first four months of this year, which began on March 20, showing a 7.1-percent growth year on year.
Iranian Deputy Industry Minister Vajihollah Jafari said on April 9 that the country's annual crude steel output is projected to reach 55 million tons by 2025.
"The output hit 12.7 million tons last year," he said, adding that Iran also produced some 16 million tons of steel products.