BAKU, Azerbaijan, May 10
By Elnur Baghishov - Trend
The investment of the Kurdistan Steel Industry Company in Kurdistan province (western Iran) has been increased by 35 times, Trend reports citing Iranian Mines and Mining Industries Development and Renovation (IMIDRO).
According to the report, the company's capital has been approved to increase from 100 billion rials (about 2.38 million) to 3.5 trillion rials (about $83.3 million) at the extraordinary meeting of the company's shareholders.
“A contract will be signed for infrastructure, including water, electricity and gas structures for the company's two projects in current Iranian year (starting March 20, 2020),” executive director of the company Mohammad Reza Ahmadi said at the meeting.
According to Ahmadi, these agreements will provide infrastructure for the production of 1.6 million tons of sponge iron per year in the Bijar county of Iran's Kurdistan Province and 1 million tons of steelmaking projects in the Qorveh county.
Ahmadi said that the value of the investment in these two projects is about 70 trillion rials (about $1.66 billion).
The Iranian Kurdistan Steel Industry Company has 4 shareholders. These are IMIDRO and National Iranian Steel Company (44 percent), Sabanour Mining and Industrial Development Company (20 percent), Development and Equipment of Relief Mines Company (20 percent) and Sepahan mines kimia company (16 percent).