|China’s MCC to invest €1.8b in Iran’s steel sector||
TEHRAN - China Metallurgical Group Corporation (MCC) has announced that it is ready to invest €1.8 billion in seven steel projects in Iran, according to the Iranian Mines and Mining Industries Development and Renovation Organization, Mehdi Karbasian.
MCC is one of the largest steel makers in the world, he said, adding that extant problems to finance steel projects in the country will be resolved in the near future, the Mehr News Agency reported on Friday.
In October, Karbasian said that the manager of MCC Company would visit Iran in the near future to become aware of the situation closely and negotiate the issues of scheduling and the ways of financing.
In June 2012, Iran’s Ministry of Industry, Mines and Trade signed a memorandum of understanding with MCC to expand industrial cooperation.
Iran produced 11.318 million tons of crude steel in the first 9 months of 2013, according to the World Steel Association.
Iran’s crude steel production reached 14.89 million tons in the previous Iranian calendar year, which ended on March 20.
Iran plans to increase its annual steel output to 55 million tons by the end of the Fifth Five-Year Development Plan (2015).
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