Baku, Azerbaijan, Nov. 3
By Khalid Kazimov – Trend:
Iran plans to increase its annual production capacity of crude steel to 50 million tons over the next seven years, an Iranian minister said.
Minister of Industry, Mines, and Trade Mohammad Reza Nematzadeh has said that Iran should even surpass the annual production capacity of 50 million tons, in case of exploring more iron ore mines in the country, Mehr news agency reported.
The minister further called for processing crude steel in the country in order to yield more profit through competition in the international markets.
He made the remarks on the sidelines of a ceremony for inaugurating a casting machine at Mobarakeh Steel Company in the central province of Esfahan.
Over 13.21 million tons of crude steel were produced in Iran during the first nine months of 2016.
Iran was the world’s 14th biggest producer of steel in the 9-month period. The country also ranked first among the Middle East countries.
World crude steel production for the 66 countries reporting to the World Steel Association was 1.197 billion tons in nine months, a 0.5 percent decrease compared to the same months of 2015.
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