TEHRAN – Investments in Iran's Persian Gulf Mines and Metals Special Economic Zone will reach $5 billion by the next five years, the managing director of the zone stated here on Monday.

Bahman Ayar Rezaii told the Mehr News Agency that currently Hormozgan Steel, Hormozal Aluminum, and Jonoob (South) Steel projects are being implemented through joint ventures by Iranian and Indian investors in the Persian Gulf zone.
The construction of three steel plants with the total production capacity of 3.2 million tons per year and boosting the annual aluminum production capacity by 300,000 tons are the other mid-term plans, the official noted.
Based on a long-term plan, Persian Gulf Mines and Metals Special Economic Zone will be turned into a hub of steel and aluminum industry with the annual 10 million tons of steel and 500,000 tons of aluminum outputs