Economy, Business And Markets

Ardekan Steel Mill Near Completion

Ardekan Steel Mill Near CompletionArdekan Steel Mill Near Completion

The Chadormalu mining and industrial company has launched two steel projects in order to complete its steel manufacturing chain, Fooladnews reported. The industrial steel plan will be inaugurated by summer while the direct reduction unit will complete in the Iranian year 1395 (to start March 21, 2016) the report added. According to Chadormalu Company, the two projects cost 13.5 trillion rials ($488.6 million based on official currency exchange rate) and will increase the direct-reduced iron (DRI) production capacity by 1.3 million tons per year. The company’s iron ore pellet manufacturing unit is currently producing 3.4 million tons of pellets per year and the two new units will help increase the value added for the company. As many as 7,000 people directly work for Chadormalu while the company employs 35,000 others indirectly.