ISFAHAN Managing Director of Isfahan Mobrakeh Steel Complex Mahmoud Eslamian said that unfettered steel imports 'seriously threaten' 450,000 jobs in the country.

"Steel imports have caused about $1 billion of hard currency flight in the last Iranian year (ended March 21)," he said.

He said the domestic steel production is about 6.5 million tons annually, adding that the sum will provide the country's steel needs.

Eslamian said that domestic production of some steel products are not economical due to low domestic consumption.

He said out of one million tons of steel exported to Europe, Japan, and South Korea, annually, 600,000 tons were produced in the Mobarakeh Steel Mill Complex.

Regarding the 1.6 million tons of imported steel products such as railroad last year, which are not produced domestically, he added that unfortunately over four million tons of various steel production have been imported to the country, 2.4 million tons above the

estimated target in the past year.

Earlier in July, eslamian said that the project for expansion of the complex will become operational in the next three years.

Eslamian told a group of local city council members that the project will cost more than 300 million euros plus Rls.1,000 billion.

He said under the project, the annual capacity of the steel production unit at the complex will rise to 4.2 million tons from three million tons at present, the hot roll to four million tons from 2.5 million tons and cold roll to 1.4 million tons from 700,000 tons.

He added that a power plant and an oxygen workshop as well as an acid purification unit are also to become operational once the project is completed.

The official said two projects are under way at the complex for production of 200,000 tons of galvanized sheets.

He said products of the complex fully match the international standards.