Iran steel industry receives $5bn investment

TEHRAN, Jan. 15 (MNA) – Deputy of Industry, Mine and Trade Ministry announced that $5 billion has been invested in Iran’s steel industry and three great projects were ongoing.

Mehdi Karbasian, while noting to the minister’s emphasis on acceleration of completing and launching steel projects, announced that three great projects have been planned to create a greater capacity for the industry.

He asserted “this amount will be dedicated to development projects and the finance will be provided by domestic and foreign investors.”

Three projects of Chabahar with annual production capacity of 3 million tones, Bandar Abbas with annual production capacity of 6 million tones, and Arvand steel industry are among development projects, he added.

Chabahar project has been launched by support of private sector, while Bandar Abbas plan will be executed by financial cooperation of India and Kuwait.

By Mehr News Agency

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