Iran apparently turns to steel industry to deal with unemployment

Business Materials 5 February 2018 12:56 (UTC +04:00)

Baku, Azerbaijan, Feb. 2

By Khalid Kazimov – Trend:

Iranian officials seem hopeful that the inauguration of new steel plants would help the country to push down the unemployment.

"The country has devised plans to increase capacity for producing steel by 110 million tons per year. The projects have been completed by 57 percent and the utilization of these projects will create a huge amount of job opportunities," IRNA news agency quoted Minister of Industries, Mining and Trade Mohammad Shariatmadari as saying.

He added that the country’s annual output of steel products has already reached 32 million tons which is projected to hit 55 million tons by 2025.

According to the minister, the per capita consumption of steel in the county currently stands at about 230 kilos which is expected to reach 500 kilos in future.

He further added that Iran accounts for about 62 percent of total steel produced in the Middle East.

Management and Planning Organization of Iran through its latest report has forecasted an unemployment rate of 12.1 percent with an economic growth of five percent over the next fiscal year (starting Mach 20).