Baku, Azerbaijan, Feb. 9
By Fatih Karimov - Trend: The first phase of a sponge iron production plant was inaugurated in Iran's southeastern city of Bardsir.
The plant has a capacity to produce one million metric tons of sponge iron per year, Iran's Mehr news agency reported on Feb. 9.
Some 4.2 trillion rials (about $120 million) has been invested in the project, which will create 132 direct jobs.
The second phase of the production plant will come on stream in the next Iranian calendar year, starting on March 21.
Sponge iron is a metallic product produced through direct reduction of iron ore in the solid state. It is a substitute for scrap and is mainly used in making steel.
At present, the country has a capacity to produce 70 million metric tons of iron ore, 30 million metric tons of concentrates, 22 million metric tons of pellets, 21 million metric tons of sponge iron, and 24 million metric tons of steel ingots.
Iran ranked first in the Middle East and 14th in the world in terms of steel production in 2014, the World Steel Association (WSA) said in a recent report.
Edited by CN