Economy, Business And Markets

No More Raw Mineral Exports

No More Raw Mineral Exports No More Raw Mineral Exports

Minister of Industry, Mine and Trade, Mohammadreza Nematzadeh has anticipated that raw mineral exports will come to an end within the next three years as investments in the manufacturing sectors are on the rise. He made the remarks in the opening ceremony of Shahroud Steel Production Plant in Semnan Province, IRNA reported. Constructed with an investment of more than $5 million, the plant is expected to create 240 jobs. Referring to Shahroud as a leading industrial city, head of the provincial industry, mine and trade organization, Behrouz Asoudi said out of the 2,000 manufacturing companies in the province, 262 are located in Shahroud.  Iran’s annual steel production currently stands at 18 million metric tons. Iran plans to increase investments in the sector to reach 50 million tons in production capacity within the next ten years. Steel exports are expected to reach 10 million tons in the coming years.