Iran's steel output to exceed 25 million tons

Business Materials 7 January 2019 21:36 (UTC +04:00)

Baku, Azerbaijan, Jan. 7

By Elnur Baghishov - Trend:

Iran's steel production will exceed 25 million tons in the current Iranian year (started March 21, 2018), Head of Steel Producers Association Bahram Sobhani said, Trend reports via ILNA.

He noted that in order to attract foreign investments, equipment for steel production should be imported, which is demanded by foreigners. However, he added, Iran has the potential to establish a domestic steel plant.

After the 1978 Revolution, Sobhani said, important steps have been taken in Iran's steel industry.

The country's companies produce iron ore and a number of other products, he added.

Presently, import substitution is being developed in steel industry and some products are domestically manufactured due to sanctions, Sobhani said, adding that Foolad Mobarake and Khorasan companies have taken the first steps in this direction, and so catalysts are domestically produced.

In this case, steel industry's equipment should not be imported with oil money, he stressed.