Iran's Industrial Development and Renovation Organization (IDRO), announced the signing of a Memorandum of Understanding with a consortium of seven Iranian companies on a project to create a capacity to produce 10 million tons of steel. The goal of the new alliance is the production of steel by the mining and metallurgical complex in the special economic zone of the Persian Gulf in the southern province of Hormozgan.
According to IDRO, the proposed project should increase steel production and create more than 10,000 jobs. The project, which has significant competitive advantages due to its proximity to ports and iron ore mines, is expected to be completed within five years.
Iran plans to achieve an annual steel production of 45 million tons by 2022. Moreover, 30 million tons are planned to be produced by March 2020. It should be noted that in 2018, crude steel production in Iran was about 25 million tons.
Reportedly, the Ministry of Industry has taken all the necessary measures to increase metal exports to the country, despite the sanctions imposed by the United States. It set up a task force to carefully assess the situation in order to recommend the necessary measures to mitigate the impact of the US sanction.
The Iranian Industrial Development and Reconstruction Organization (IDRO) was established in 1967 to develop the industrial sector and accelerate the industrialization process in the country.
