Major steel, mining projects worth $2 billion underway

TEHRAN –A total of 22 steel and mining projects with a total investment of two billion dollars are currently being implemented across the country, Mohammadali Aziz-Mohammadi, the head of Iran International Engineering Company (IRITEC) has said.

“The projects have started over the last few years,” he said, adding that a part of the necessary funding has been allocated.

Some 700 million euros and 100 trillion rials (about $204.5 million) of the funding is yet to be provided, he added.

The projects have witnessed good physical progress in the current administration, he stated.

IRITEC, with 20 subsidiaries, was established in 1975 with the aim of transferring technical know-how of manufacturing industrial factories mainly active in the steel sector.

Running under the supervision of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) and benefiting from the world’s cutting-edge technologies, the company offers technical and engineering services benefiting from 1,100 skilled manpower working in various fields, he stated.

Iran has been ranked eighth among the world’s top steel producers during January-June 2023, according to the latest data released by the World Steel Association (WSA).

Production of crude steel in Iran reached 16.1 million tons in mentioned six months, registering a 4.8 percent increase year on year.

The country is expected to climb to seventh place among the world’s top steel producers by the Iranian calendar year 1404 (March 2025).

Source: Tehran Times