The Industry and Mining Bank approved 153 million euros in financing for the construction of Makran Steel in Chabahar in the province of Sistan and Baluchistan. Thus, the total financing offered by this bank to steel projects across the country has reached 3 billion euros. The Makran Steel project will directly provide employment for 300 people.
The Industry and Mining Bank has provided financing for 11 other projects in 9 provinces which, once completed, will provide employment for 7 thousand people. These 11 projects are: Ruhyna Southern Steel Plant in Dezful, Khuzestan province; Maad Koush Steel in Hormozgan; Pasargad Steel Complex in Fars; Azna Steel in Lorestan; East Azerbaijan Steel; Sefid Dasht Steel Complex in Chaharmahal and Bakhtiari; Ghaenat Steel Complex in South Khorasan; Sabzevar Steel Complex in Razavi Khorasan; Shadegan Steel Company in Khuzestan; Neyriz Ghadir Steel Company in Fars and Baft Steel in Kerman.
Based on statistics from the Industry and Mining Bank, half of the country’s steel production capacity has been financed by this bank in the past four years. The allotted foreign resources have been provided via the National Development Fund and China credit line. As the Iranian Supreme Leader has announced this year as the year of domestic production and employment, most Iranian companies and organizations have become interested in announcing the employment capacity of their completed and ongoing projects.
The steel production capacity in Iran was close to 18 million tons in 2016 which is expected to increase to 55 million tons in the 1404 outlook program. The Industry and Mining Bank estimates that a production capacity of 25 million tons in the next three years is realistically achievable.
