BAKU, Azerbaijan, October 3. The revenue of Iran's Hormozgan Steel Company increased by eight percent during the six months of the current Iranian year (from March 20 through September 21, 2024) compared to the same period of last year (March 21 through September 22, 2023), executive director of Iran's Hormozgan Steel Company Ataullah Maroufkhani told reporters, Trend reports.
According to him, Hormozgan Steel Company's revenue for six months amounted to 152 trillion rials (about $337 million).
Maroufkhani noted that the company's revenue is expected to increase by the end of the year (March 20, 2025) due to the reduction of restrictions imposed due to a lack of electricity.
The official stated that the company's sponge iron production potential is 1.65 million tons per year. The company produced 993,000 tons of sponge iron over the six months. The production of sponge iron increased by 11 percent compared to the same period last year.
He added that the company has invested 2.35 billion euros in the last three years. This shows that the company is taking serious steps towards big profits.
To note, Hormozgan Steel was established in 2006. The company can produce 1.5 million tons of slabs, 1.65 million tons of sponge iron, 90,000 tons of lime, and so on.