BAKU, Azerbaijan, February 12. A total of 12 trillion rials (about $21 million) have been spent on the construction of the steel plant by Saba Foulad Zagros (Zagros Steel) Company in the Eyvan district of Ilam province, located in western Iran, Trend reports.
A ceremony was held at the company to mark the opening of the plant, attended by several Iranian officials.
In his speech, the Head of the Industry, Mine and Trade Organization of Ilam province, Reza Mohammad Rahimi, said that the plant’s daily capacity for steel billet production is 500 tons, with an annual potential of 150,000 tons.
Rahimi further mentioned that the plant was built on a 1.4-hectare area, to meet the region and country's construction material needs, boosting steel product exports, and other related objectives.
The official also reported that nine industrial projects, valued at approximately 145 trillion rials (around $255 million), are currently underway in Ilam province.
Notably, the construction of the steel plant began in 2013. The total funds allocated for the plant’s construction amounted to 526 million Indian rupees and 123 billion Iranian rials. No additional information was provided about foreign investment in the project.