Baku, Azerbaijan, Apr. 30
By Fatih Karimov - Trend:
Iranian official says South Korea will finance €1billion steel projects in the country.
A memorandum of understanding will be signed between the two parties, on the sidelines of South Korean President Park Geun-hye's upcoming visit to Tehran, Iranian Deputy Industries, Mines and Trade Minister Mehdi Karbasian said, Tasnim news agency reported Apr. 30.
Under the document which is offered by Iran's Mines, Mining Industries Development & Renovation Organization (IMIDRO), the parties will cooperate in transfer of technology for production of steel without process of concentrate and pelletizing.
Iran eyes to import the new technology for directly convert of iron ore into steel based on the MoU, Karbaisan said, adding two plants in South Korea are currently using the technology.
According to Iranian Ministry of Industries, Mines and Trade, Iran's crude steel output is projected to increase to 18 million tons in the current Iranian fiscal year. The figure is to reach 55 million tons by 2025.
Iran was put 14th among the world's leading steel producing countries in 2015. The country produced 16.11 million tons of crude steel in 2015, a decrease of 1.4 percent compared to its crude steel output in 2014 which amounted to 16.331 million tons.