Steel output to hit 50 million tons in 6 years

EghtesadOnline: Minister of Industry, Mines and Trade Mohammad-Reza Nematzadeh said that crude steel production will reach from the current 17 million tons to 50 million tons in the next six years.

News ID: ۷۳۷۸۷۱

05 November 2016

Addressing inaugural ceremony of Foulad Mobarakeh Casting Machine No. Five in Isfahan, Nematzadeh said that steel production should increase to meet local demand.

Noting that priority is with domestic consumers, the minister said that Isfahan boasts of higher capabilities to manufacture equipment for steel industry.

Acccording to IRNA, Nematzadeh hoped that all parts needed would be manufactured inside the country.

Today, German and Italian credited companies are demanding investment in Iran's steel industry, he said, noting that many firms are using Iranian steel products and there are good markets for steel sheets across the world.

'We should not think only about exports; rather, we should strive to set up steel factories abroad,' he said.

Fould Mobarakeh Casting Machine Project, which was commissioned within 28 months at the cost of 5.020 billion rials, will provide jobs for 100 people directly and 150 indirectly, he said.