Faraz project is the biggest investment plan in aluminum, steel, coal, copper, coke, and titanium sectors in the country history. It will be implemented in the near future, announced Minister of Industries and Mines Ali-Akbar Mehrabian.
Speaking at the inauguration ceremony of the seminar titled Perspective of Iran's Steel and Mine Industry in Tehran on Sunday, he put the investment on the Faraz project at 260 trillion rials ($26 billion), IRNA reported.
Currently, the majority of contracts related to Faraz plan have been inked, he said, adding the executive operations for some of the projects have started.
The official explained that the project aims to give assurance to producers in terms of supplying raw materials.
The minister referred to huge workforce and energy resources as the main privileges of the country for industrial activities.
In addition, the countrys significant progress in steel industry, will help materialize raising the steel output at 55 million tons by the end of the Fifth Five-Year Economic Development Plan (2010-2015), he pointed out.
Mehrabian continued that Iran is forerunner in production of steel products particularly sponge iron by direct reduction process.
17th Steel Producer
Iran ranks 17th in the world in terms of steel production, he said, adding that once the underway projects are completed, the country will become the 10th steel producer of the globe.
Speaking at the same gathering, vice president of Italian foundry equipment maker Danieli said Iran enjoys a superior position for developing steel industry in lights of its 4.2 billion tons of proven iron ore reserves and 500 million tons of estimated reserves.
Giancarlo Lavaroni pointed out that Iran stands in the ninth place in the world in terms of iron ore reserves.