TEHRAN – The head of Iran International Engineering Company (IRITEC) has said that 22 major steel and mining projects with a total investment of two billion dollars are currently being implemented across the country, IRNA reported.

“These projects have been started over the last few years, and a part of their funding has been allocated, and now 700 million euros and 100 trillion rials (about $204.5 million) of the necessary funding is left to be supplied,” Mohammadali Aziz-Mohammadi told the press on Saturday.

These steel and mining projects have witnessed good physical progress in the current administration, he stated.

The official further noted that the construction operations of two industrial projects are also underway overseas with the aim of cementing the country’s relations with the neighboring states and promoting the economic diplomacy of the country.

According to Aziz-Mohammadi, Iran International Engineering Company, which has 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.

The Iranian Steel industry has been constantly developing over the past years against all the pressures and obstacles created by outside forces like the U.S. sanctions and the coronavirus outbreak that has severely affected the performance of the world’s top producers.

The Islamic Republic 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).

The Islamic Republic stood at 10th place among the world’s biggest steel producers in the first half of 2022.

EF/MA