Planning underway to produce 55mn tons steel in 2025 Vision

TEHRAN, May 02 (MNA) – Deputy Ministry of Industry, Mine and Trade said that it has been planned to produce 55 million tons of steel annually in 2025 Outlook.

Speaking with IRNA on Sun., Vajihollah Jafari expounded on the latest situation of Comprehensive Steel Plan in the country and added, “According to the latest studies, 39.4 million and 37.18 million tons of steel ingot and sponge iron were produced by the end of the last Iranian calendar year in 1399 (ended March 20, 2021) respectively.”

The CEO of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) went on to say that about €4.439 billion worth of foreign currency is needed for realizing the objective of producing 55 million tons of steel in the country in a way that a considerable portion of this investment amount has been provided up to the present time.

Elsewhere in his remarks, Jafari pointed to a 25-Year Memorandum of Understanding (MoU) inked between Islamic Republic of Iran and People’s Republic of China and positive achievements that can bring about for Iranian mining and mineral industry, and stated that development of steel industries with the participation of Chinese investors as joint venture will empower the country to export more of its products to target markets coupled with creation of new investment opportunities in this field.

The 25-Year Memorandum of Understanding (MoU) between Iran and China will bring about suitable platform for active presence of investors of the two countries, he reiterated.

MA/IRN84314259

News Code 172869

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