Iran's steel production capacity reaches 19.2 million tons

Iran Materials 2 January 2012 16:10 (UTC +04:00)

Azerbaijan, Baku, Jan. 2/ Trend M. Moezzi

Iran's industry minister said on Monday the country's steel production capacity has reached 19.2 million tons, the Iranian Students' News Agency (ISNA) reported.

With the completion of the Hormozgan Steel Complex, Iran's steel production capacity will reach 21.7 million tons by the end of this year (the Iranian year ends in March) and 24 million tons in the next Iranian year, said Mehdi Ghazanfari.

Increased steel production means Iran will need more iron ore. Currently, the country produces seven million tons of iron ore and will sign contracts to expand its production to 80 million tons. The industry minister said the National Development Fund was available to help those willing to invest in the industry.

Based on Article 84 of the Fifth Five-year Socio Economic Development Plan (2011-2015), the National Development Fund was established to transform oil and gas revenues to productive investment for future generation. Accordingly, 20 per cent of oil income is to be transferred to the National Development Fund and also at least 20 per cent of the NDF's sum should be allocated to promoting foreign investment.