Iran prepares $5B plans for steel sector
Baku, Azerbaijan, Jan. 14
By Fatih Karimov - Trend: Iran has prepared $5 billion worth of plans for its steel sector.
Mehdi Karbasian, Iranian Deputy Industry Minister, said domestic and foreign investors would participate in the implementation of three large steel projects at a cost of $5 billion, Iran's Mehr news agency reported on Jan. 14.
Chabahar Steel Plant with an annual production capacity of three million metric tons, Bandar Abbas Steel Plant with an annual production capacity of six million metric tons, and Arvand Steel Plant will be established, he noted.
The Iranian private sector will finance Chabahar project, he said, adding that an Indian investor and a Kuwaiti investor will invest in Bandar Abbas project.
Over 14.97 million metric tons of crude steel was produced in Iran during the first 11 months of the current year, 6.4 percent more than the same period of 2013.
The country's crude steel production stood at 1.459 million metric tons in November, which indicates a 6.1 percent increase in comparison with November 2013, the World Steel Association said in its latest monthly report released Dec. 20.
Iran's crude steel production reached 15.421 million metric tons in 2013, which is 6.6 percent more than its preceding year. Iran was the world's 15th biggest producer of steel in 2013.
The country plans to increase its annual steel output to 55 million metric tons by the end of the Fifth Five-Year Development Plan (2015).
Edited by CN