BAKU, Azerbaijan, Mar. 18
By Elnur Baghishov – Trend:
The Securities and Exchange Organization of Iran (SEO) has decided to increase the capital of Iran's Mobarakeh Steel Company by 40 percent to 84 trillion rials (about $2 billion), the managing director of the company, Hamidreza Azimian said, Trend reports citing Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).
Azimian emphasized that however, this figure was expected to be increased to 110 trillion rials (about $2.62 billion). So, 83.5 trillion rials (about $1.98 billion) of this capital would be provided by shareholders' income and the rest by other income.
“Despite a number of problems in Iran (the spread of coronavirus pandemic, US sanctions, economic stagnation, etc.), Mobarakeh Steel Company produced 8.26 million tons of raw steel in the first 10 months of the current Iranian year (from March 20, 2020 through January 19, 2021). The company accounted for about 43 percent of Iran's raw steel market,” he added.
Azimian noted that the Mobarakeh Steel Company produced 7.06 million tons of various steel products in 11 months (from March 20, 2020 through February 18, 2021).
According to the latest statistics, this figure amounted to 7.57 million tons (from Feb. 19 through March 12, 2021).
According to Azimian, the company's total sales for 11 months amounted to 6.99 million tons worth 660 trillion rials (about $15.7 billion). This is a decrease of 1.7 percent in terms of volume and an increase of 81 percent in terms of value compared to the same period last Iranian year.
He said that the company’s total sales were 7.44 million until March 12, 2021. Of this, 6.33 million tons were accounted for domestic sales, 1.11 million tons for exports.
This figure is expected to reach 7.6 million tons by the end of the current Iranian year (until March 21, 2021).
“The value of company’s sales was worth about $17.3 billion (from March 20, 2020 through March 12, 2021). This is a 91-percent increase in terms of value,” Azimian noted.
