Chinese companies eager to invest in Iran's steel industry

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News ID: 5351
Iran » Iran
Publish Date: 7:24 - 23 October 2014
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Tehran, YJC. A number of Chinese investors have expressed their willingness to invest in Iran's steel industry, a senior trade official said on Wednesday.
"We will negotiate with the Chinese next week about Miyaneh steel project to pave the way for the start of its operation next year,' Head of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) Mehdi Karbasian said according to FNA.

The official noted that the 7 steel projects of Sepid-Dasht, Neyriz, Qaenat, Sabzevar, Shadgan, Miyaneh and Baft are also prepared for foreign investment.

Trade between Iran and China in the past year was estimated at $45bln.

Right now, Iran is China's third largest supplier of crude oil, providing the country with roughly 12 percent of its total annual oil consumption.

It marks China's biggest crude import from Iran since it won a renewal of exemption from the United States' oil embargo against Iran.

The steel production volume of Iran has shown a 6 percent increase over the first three quarters of 2014 compared to the same period last year, giving the country new hopes of development.

The volume of Iran's steel production reached 12.067 million tons in the first 9 months of this year, while in 2013 the amount was 11.319 million tons.

According to latest figures released by the World Steel Association, the country's total steel output in 2013 reached 15.421 million tons, making it rank 15th among the world's steel producing countries.

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