Economy, Business And Markets

Aluminum Factory Under Construction

Aluminum Factory Under ConstructionAluminum Factory Under Construction

The construction of an aluminum factory has officially started in the southwestern city of Masjed Soleyman, in a ceremony attended by local officials including the governor of Khuzestan province, IRNA reported on Wednesday.

The Kaveh Aluminum Company is expected to produce 175,000 metric tons of aluminum per annum and has been given a 140-million-dollar loan by the Export Development Bank of Iran. The project is a joint venture by Iran’s Islamic Revolution Mostaz’afan Foundation and China.

The company is expected to create direct jobs for 200 people during the construction phase and indirectly employ as many as 600 people.

According to the ministry of industry, mine, and trade; Iran has managed to overtake France to become the 19th producer of the metal in the world. According to projections made by the United States Geological Survey (USGS), Iran could improve its rank to become world’s 18th if it completes the development projects in the aluminum sector across the country.

Based on the 2025 Vision Plan, Iran should annually produce 1.5 million metric tons of aluminum, while the current production barely hits 400,000 metric tons per year.