Iran to launch new steel production facilities

Business Materials 1 November 2021 09:06 (UTC +04:00)
Iran to launch new steel production facilities

BAKU, Azerbaijan, Nov. 1

By Elnur Baghishov – Trend:

Iran will launch new facilities for the production of 7 million tons of steel products in the current Iranian year (March 21, 2021 through March 20, 2022), Deputy Minister of Industry, Mine and Trade of Iran and the Head of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), Vajihollah Jafari said, Trend reports citing the ministry.

By 2025, Iran's steel production potential will reach 55 million tons per year, Jafari said.

The deputy minister added that Iran's current steel production potential is 30 million tons per year. So far, more than $21.5 billion has been spent on steel production in the country.

“At present, Iran has the potential to produce 36 million tons of sponge iron, 66.7 million tons of pellets and 62.7 million tons of iron ore concentrate annually. However, there are a number of problems with the supply of raw materials,” he noted.

As for the reserves of raw materials in the steel sector, Iran currently has 2.7 billion tons of proven reserves, the chairman stressed.


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