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Iran’s largest steel maker says not affected by sanctions

19 October 2011 02:16 (UTC +04:00)

Baku-APA. The managing director of Iran’s largest steel maker Mobarakeh Steel Company said Tuesday its production and business have not been affected by sanctions imposed on the country, APA reports quoting Xinhua.

"Sanctions have not had negative impacts on the company, but positive ones (on the company)," Mohammad Masoud Samieenejad told a press conference inside the company.

He said statistics show sanctions have "turned into opportunity for the company, because sanctions developed the self-confidence of our youth and experts."

When asked about the company’s plan to attract foreign investments, Samieenejad told Xinhua that "there are many offers for investments and one of them is for investments in basic materials for Iran’s steel industry, especially Mobarakeh Steel Company."

He said negotiations on a joint project are underway to launch plants to produce basic materials with the participation of foreign investors.

Mobarakeh Steel Company, the largest industrial complex in Iran, was established and commissioned after the Islamic Revolution, and became operational in 1993.

The company, located 65 km southwest of the central city of Isfahan, a world-famous tourist city, has an annual production capacity of 4 million tons of flat steel products.

The company’s officials said its total products in the first half of this year were over 3 million tons.

According to local media, Iranian President Mahmoud Ahmadinejad said in May that Iran’s annual steel production capacity is 19 million tons, and the country has made plans for the figure to reach 42 million tons a year.

Iran, one of the largest steel producer in the Middle East, has been imposed severe sanctions because of its suspected nuclear program.

In June last year, the UN Security Council adopted a resolution imposing a fourth round of sanctions against Iran. Soon afterward, the U.S., the European Union, Japan, South Korea and some other countries also placed unilateral sanctions on the Islamic republic. Large amounts of foreign investments left the country after these sanctions were imposed.