Economy, Business And Markets

Major Steel Projects Await Funding

Major Steel Projects Await FundingMajor Steel Projects Await Funding

Development projects worth $5 billion in the steel sector are ready and awaiting funds from the Iranian and foreign investors, Mehdi Karbasian, head of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) told Mehr news agency on Wednesday.

Announcing the minister of industry, mine, and trade’s decision to accelerate the completion of seven steel projects across the country, Karbasian said the Chabahar steel project with a capacity of 3 million metric tons, the Bandar Abbas steel project with the capacity of 9 million metric tons and the Arvand steel projects are three of the major development projects in the list.

Karbasian also said finances for the construction of a steel plant near the southeastern port city of Chabahar becaming from private sector cooperation and the project is waiting for contractor selection. In addition, the first steel in Bandar Abbas is expecting funds from Indian investors while the second plant in Bandar Abbas is to receive funds from Kuwaiti investment groups and the Arvand and Qeshm steel projects are to be funded through private investments.

The administration, led by President Hassan Rouhani, is determined to accelerate steel projects in a bid to push the sector to achieve the strategic target of producing 55 million metric tons of steel by 2025.