Economy, Business And Markets

Gov’t to Help Unfinished Steel Projects

Gov’t to Help Unfinished Steel Projects
Gov’t to Help Unfinished Steel Projects

The minister for industries, mines, and trade said the government would support the private sector to finish all abandoned and unfinished steel projects.

“If the private sector develops the steel industry, it will be able to seize the international markets”, said Mohammad Reza Nematzadeh.

In order to provide the raw material required for steel sector, Iran needs to be far more active in exploration of new mines and also in processing the raw minerals.

The minister further noted that his ministry has held meetings with all the producers of iron ore, concentrate, and granular iron ore to formulate a strategy for medium-term and long-term production policies.

The country currently needs to produce at least 6 million tons of granular iron ore in order to fulfill its needs as a major producer of steel.

Based on the Fifth Five-year Economic Development Plan (2011-2015), steel production should reach 55 million tons per annum, which is unlikely to materialize regarding the current production level, which hardly reaches 20 million tons per year.

Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) and the Bank of Industry and Mines are the two supportive bodies which help the private sector in accomplishing the delayed projects.