Gov’t to Help Unfinished Steel Projects
Economy, Business And Markets

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.

Short URL : http://goo.gl/7FLrkJ

You can also read ...

Relations with banks from China, the UAE and Turkey had recently hit snags.
A senior Iranian official announced that there are no...
Forex ETS to Expedite Rate Unification
The Central Bank of Iran’s Exports Department has sought to...
Iran signed a $650-million contract with the world’s largest shipbuilding company Hyundai Heavy Industries Company in December for the South Korean firm to build four 14,400 TEU container ships and six 50,000 DWT product tankers.
South Korea was Iran's fourth biggest export destination (...
Production of  the plug-in hybrid Polestar 1, will be launched in mid-2019.
Volvo is creating a new electric vehicle brand that aims to...
Gov’t Sends AML/CFT Amendments to Majlis
President Hassan Rouhani has presented two bills for making...
Kerman Motor assembled 4,217 Hyundai cars during the first seven months of the current fiscal that ends in March 2018.
Local automaker Kerman Motor is trying to shift focus from its...
Gold Coin  Hits Record
Gold coin prices recorded multiple rallies in the past month...
100 Foreign Firms to Attend Iran Investment Forum
Some 100 companies from China, Germany, Denmark, Finland,...