Iran saves $9b in steel projects

Iran Materials 11 January 2011 10:16 (UTC +04:00)

The director of the Mines and Mine Industries Development and Renovation Organization said that steel projects in the country are estimated to cost $10 billion of which $9 billion will be spent in the country.

He said to build a one million ton steel factory $550 million to $600 million is needed and in the past the equipment for these factories was mostly imported.

In heavy industries such as mines we have become self-sufficient, while four years ago we were 70 percent dependant.

In steel industry we are 90 percent self-sufficient and by next year we will be 100 percent.