Iran Planning to Boost Annual Steel Production to 55mln Tons
TEHRAN (FNA)- Iran’s Deputy Minister of Industry, Mine and Trade Vajihollah Jafari said the country has planned to produce 55 million tons of steel annually in 2025 Outlook.
Iran is planning to increase its steel production to 55 million tons per year according to the 2025 vision, Jafarsi said on Sunday, adding, “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 (ended March 20, 2020) respectively.”
The CEO of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) added that nearly €4.439 billion worth of foreign currency is needed for producing 55 million tons of steel.
He pointed to the 25-year document that has recently been inked between Iran and China and stated that development of steel industries with the participation of Chinese investors will empower the country to export more of its products to target markets and will create new investment opportunities in this field.
Last week it was announced that Iran’s ministry of industry, mine and trade is planning to produce 32 million tons of crude steel, to set a 27.7 percent rise in comparison with last year (ended March 20, 2020).
According to the statistics, Iranian steelmakers produced 28,374,900 tons of crude steel last year.