News ID: 209489
Published: 0307 GMT February 05, 2018

Steel industry possible solution to overcoming unemployment

Steel industry possible solution to overcoming unemployment

Iranian officials seem hopeful that unemployment will be pushed down with the inauguration of new steel plants.

According to IRNA, Minister of Industry, Mine and Trade Mohammad Shariatmadari said, "The country has devised plans to increase steel producing capacity by 110 million tons per year. The projects have shown physical progress of 57 percent and on completion, they will create a huge job opportunities."

He added that annual output of steel products has already reached 32 million tons and this figure is projected to hit 55 million tons by 2025.

According to the minister, Iran's per capita consumption of steel currently stands at about 230 kilograms but this is expected to reach 500 kilograms in the future.

He added that Iran accounts for about 62 percent of total steel produced in the Middle East.

Management and Planning Organization of Iran, in its latest report, has predicted an unemployment rate of 12.1 percent with an economic growth of five percent in the fiscal year which will start on Mach 21.

   
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