Iran vows to become largest Middle East crude steel producer

PanARMENIAN.Net - Iranian Minister of Industry, Mine and Trade Mehdi Ghazanfari says the country will become the largest producer of crude steel in the Middle East and north of the Persian Gulf, citing the planned investment in the sector.

With Iran's annual steel output stands at 14 million tons, Ghazanfari announced the country’s plan to add about 20 million tons to the concentrate and pellet production capacity of the Iranian eastern province of Khorasan Razavi, which will emerge as one of the country’s steel production hubs.

Concentrates and pellets are raw materials used in steel manufacturing.

Ghazanfari further said that for the time being, Iran is ranked as the second largest economy in the Middle East and North Africa in terms of gross domestic product (GDP).

The minister also said Iran is among the world’s 10 leading mineral-rich countries.

Iran exports its industrial and mineral products to 159 countries, including Iraq, China, the United Arab Emirates, India and Afghanistan.