0314 GMT October 14, 2019
A memorandum of understanding (MoU) was signed on Tuesday to increase Iran’s steel production capacity by 10 million tons in the Persian Gulf Mining and Metal Industries Special Economic Zone in the form of a consortium and with the participation of domestic private sector.
The signing ceremony was attended by Fereydoun Hemmati, the governor general of the southern Iranian province of Hormuzgan, and Khodadad Gharibpour, the deputy industry minister and also head of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), IRNA reported.
The MoU was inked by representatives of a domestic consortium comprising seven mining, steel production and private complexes.
The members of the consortium are IMIDRO, the National Iranian Steel Company, the Civil Servants Pension Organization, South Kaveh Steel Company, Golgohar Mining and Industrial Company, Maad Koush Company and Persian Gulf Saba Steel.
The plan will be implemented within the framework of the country’s Vision 2025 and is aimed at raising Iran’s steel production capacity to 55 million tons in five years with $5 billion in investment.
Iran ranks among the world’s top 10 steel producers. In the year to March 2019, the country’s steel production capacity reached 35 million tons.
In the same period, Iran exported $4 billion worth of steel products.