Iran's steel output up by 22%

TEHRAN, Jul. 10 (MNA) – Minister of Industry, Mine and Trade Mohammad Shariatmadari said that steel production volume has reached a 22 percent growth in the current Iranian fiscal year (started March 21, 2018).

Speaking in the inaugural ceremony of expansion project of Saba Steel Company in Isfahan Province, he said, “the ministry has focused on establishing balance and diversifying different sectors of steel and steel products in the country.”

Diversification in production sector strengthens steel industry and seures the country's economy significantly, he maintained.

He put the annual export volume of steel at 9 million tons, adding that the per capita steel consumption volume in the country stands at 230kg, the rate of which should increase by 400kg.

By implementing steelmaking projects, it is predicted that Iran’s steel export volume in 2025 vision will hit 15 million tons/annum.

To achieve objective of 55 million tons of steel production in 2025 vision, Iran requires eight-billion-euro capital, he said, adding, “moreover, the country should invest 6.5 and 4 billion euro in rail and electricity sectors.”

Esfahan’s Mobarakeh Steel Company (EMSCO) has played an important part in solving water shortage problems in the region, he said, adding, “in the same direction, the company has observed water consumption patterns strictly since its establishment.”

This industrial and production unit has provided 3,800 billion tomans worth of financial resources available to co-operative steel companies with considering 12 percent interest rate, the issue of which has an important role in increasing sustainability of these companies, he concluded.

MA/IRN82966630

News Code 135567

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