News ID: 116415
Published: 0628 GMT April 24, 2015

Plans to raise steel export to 10m tons a year

Plans to raise steel export to 10m tons a year

Minister of industries, mines and trade said on Thursday the country is planning to increase steel exports to 10 million tons a year by attracting fresh investments in the sector.

Speaking at the inauguration ceremony of an iron smelting plant in Shahroud, Semnan province, Mohammad Reza Ne'matzadeh noted that the country exported 2.5 million tons of steel during the year to March 20, "despite the fact that we were importing steel in previous years".

He added that the administration has plans to boost steel exports to 10 million tons a year by attracting new investments in the sector, thus, turning into a major steel export hub in the region, Press TV reported.

Stressing that steel production is among the most important industries in the country, Ne'matzadeh said, "At present, the country is producing about 18,000 tons of steel and through adequate investment, this figure can increase to 50 million tons in 10 years."

He added that Iranian industries should invest in processing raw materials and exporting end product in order to do away completely with the export of raw materials from the country.

In early February, Ne'matzadeh said that $2.2 billion had been allocated for seven new steel projects across the country.

On Wednesday, Iranian Mines and Mining Industries Development and Renovation Organization, IMIDRO, announced that Iran's raw steel output increased by nearly 10 percent in the first quarter of the current year.

It added that Iran produced over 4 million tons of raw steel in the first three months of 2015, showing a growth of 9.6-percent compared to the figure for the same period last year.

The organization noted that the sharp growth in steel production came at a time when global output of the metal decreased by 1.8 percent during the same period.

Iran is among the 15 major mineral-rich countries in the world and exports industrial and mineral products to more than a hundred countries.

   
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