Iran’s steel company gains $1.6 billion annual profit

Business Materials 6 May 2013 18:17 (UTC +04:00)

Azerbaijan, Baku, May.6/ Trend F.Karimov/

Iran's Isfahan Steel Company gained 20 trillion rials (about $1.6 billion) profit in the past Iranian calendar year, which ended on March 20, IRNA quoted the company's managing director Mohammad-Masoud Samieinejad as saying.

Last year, 88 percent of required raw material was provided from the domestic suppliers, he added.

The company's output is projected to hit 12 million tons by March 2015. Some 30 trillion rials will be invested to attain the goal, he noted.

Iran totally manufactured 17.417 million tons of steel products last year, with 2 percent growth compared to the preceding year, ILNA reported.

Also, crude steel production reached 14.873 million tons, showing 5.7 percent growth year on year.

Iranian Deputy Industry Minister Vajihollah Jafari said last April that the country's annual crude steel output is projected to reach 55 million tons by 2025.

"The output stood at 12.7 million tons last year," he said, adding that Iran also had produced some 16 million tons of steel products.

Iran will become one of the world's main steel exporters by March 2016, Industry, Mine and Trade Minister Mehdi Ghazanfari said in May 2011.