Large steel plant to come on stream near Caspian Sea by mid-February

Business Materials 15 November 2013 12:33 (UTC +04:00)

Baku, Azerbaijan, Nov. 15

By Fatih Karimov - Trend:

A large steel plant will be inaugurated in Iran's northern city of Astara by mid-February, ISNA quoted Astara's Industrial Estate Director Saeid Ali Mousavi as saying.

The company will be established by the private sector and create 70 jobs.

Some 60 billion rials (about $2.4 million) will be invested in the project. The plant will produce 9000 tons of steel products annually.

Iran totally manufactured 17.417 million tons of steel products last year which ended on March 20, 2013, with a two per cent growth compared to the preceding year.

Also, crude steel production reached 14.873 million tons showing a 5.7 per cent 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 had also produced some 16 million tons of steel products.