TEHRAN - The Ministry of Mines and Metals is to produce 6.7 million tons of steel this year of which 1.5 million tons would be exported to international markets, it was announced here Sunday. Managing director of the ministry's commercial affairs department, Hussein Erfani added that the steel to be exported will earn the country $440 million. Addressing a press conference on the eve of mine day, he said that some 835,000 tons of steel worth $200 million were exported last year (ending March 20), indicating an increase of 85 percent in value and 65 percent in weight, compared to the preceding year.

The total value of mineral and metal products exported reached $374.7 million, showing a rise of 49 percent compared to the previous year, Erfani added. He said that the Ministry of Mines and Metals recieved a budget of some $800 million in foreign exchange last year, of which $544 million would be spent for imports. The amount allocated to imports showed a decline of 16 and 40 percent in value and consumption, respectively, compred to the year 1375, he noted.

In 1376, the ministry exported $290 million worth of steel, copper ingots, aluminium ingots, and ferro alloys, showing a 69 percent growth in value and 58 percent rise in weight compared to the preceding year. (IRNA)