Chinese company to finance Iran’s steel projects

Total crude steel production in the country last year amounted to over 15.6 million tons showing an increase of 8.8% over the preceding year.

SHAFAQNA- Tehran, Sept 24 – Obstacles on the way of seven nationwide steel projects,

under supervision of Iran’s Mines and Mining Industries Development and Renovation Organization (IMIDRO), were discussed in a closed door session at the Ministry of Industry, Mine and Trade.


According to IRNA News Agency, the seven steel projects were launched in the Iranian calendar year 1385 (2006-2007) but were ceased later due to financial problems. The projects were due to be implemented in Khuzestan, Chaharmahal and Bakhtiari, East Azarbaijan, Fars, South Khorassan, Kerman and Khorassan Razavi provinces.


The 11th government, within the framework of Vision 1404 (2025) and with an aim of gaining access to 55 million tons of crude steel, has put activation of these projects on its agenda.


Meanwhile, a Chinese company has undertaken to provide the 18-billion-euro fund for the completion of the projects.


Steel products were over 16.5 million tons by the end of the calendar year 1392 (2014), down by 5% as compared to the preceding year.


Minister of Industry, Mine and Trade Mohammad Reza Nematzadeh believes that steel projects should not be financed through banking system or the National Development Fund rather by distribution of bonds and attraction of foreign investment.


He is hopeful that those in charge of implementation of steel projects could compensate their backwardness by changing their method of performance.

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