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NewsIran to implement steel projects worth $5b

Iran to implement steel projects worth $5b

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The government will carry out a $5-billion plan to develop steel projects in southern Iran, said the deputy minister of industries, mines and trade on Friday. Mehdi Karbasian, who is also the chairman of Iranian Mines and Mining Industries Development and Renovation Organization, added that the project will be implemented with the participation of domestic and foreign companies. He noted that Chabahar Steel Plant, with an annual capacity of three million tons, would be implemented in cooperation with the private sector. Karbasian said Indian and Kuwaiti companies will take part in the expansion of Bandar Abbas Steel Company. The expansion of steel companies of Qeshm and Arvandroud are among other plans that would be presented to the private sector. In its latest November 2014 report, the World Steel Association introduced Iran as the world’s 14th biggest steel producer. According to the report, Iran’s crude steel output totaled 1,459,000 tons in November, which showed a 6.1-percent growth from last year which was 1,375,000 tons.