News ID: 264001
Published: 1223 GMT January 06, 2020

IMIDRO inks MoUs to indigenize steel industry

IMIDRO inks MoUs to indigenize steel industry

Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) signed memorandums of understanding worth about $119 million on indigenizing equipment and technology in the steel industry of the country.

Making the remarks in a meeting with the members of the board of the Iranian Steel Producers Association, IMIDRO Managing Director Khodadad Gharibpour said the promotion of indigenizing is one of the major orders of the country’s senior officials, and in this regard steel producing companies should focus more on indigenizing and supplying their requirements through domestic production, IRNA reported.

In the past year, some steel producers faced problems in the supply of raw materials, the official said, adding that through cooperation with the state-run sector and related companies, IMIDRO managed to remove their problems.

Gharibpour had previously announced that the annual production of crude steel in Iran is planned to rise three million tons, to 28 million tons, in the current Iranian year (to end on March 19, 2020).

Such progress in this sector is mainly the result of an indigenizing approach, which is seriously followed up in all the industrial sectors of the country.

Industry, Mine and Trade Minister Reza Rahmani said last month that the country has achieved a proper self-reliance in the steel sector.

“This industry can still be developed, and regarding the huge investments made in this sector in the past years, we will soon observe a good balance in the production chain of this metal in the country,” the minister emphasized.

“Steel industry is one of the industries in which some good investments have been made; and today it has become a production advantage,” Rahmani further underscored.


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