Iran’s KSC Steel has $800 mln worth of expansion projects: CEO
Iran’s second largest steel mill the KSC says it has nearly $800 million worth of expansion projects, including a major gas-fired power plant, that will significantly boost its output and environmental sustainability once they come on line.
CEO of the Khouzestan Steel Company said on Monday that the company has invested some 400 trillion rials in a total of 207 new projects to increase its production and to create more jobs in Khuzestan, a resource-rich province in southwestern Iran on the border with Iraq.
“Such volume of investment is unprecedented in the country’s manufacturing sector,” said Amin Ebrahimi.
Ebrahimi said the most important of KSC's expansion projects is the Zamzam 3 Mill which he said will increase the company’s production of sponge iron, or what is technically known as direct reduced iron, by 2.2 million metric tons (mt) per year.
He said the plant is expected to come on line until September.
The CEO said the KSC is racing against time to open some other large projects in the company, including a 520 megawatts (MW) power plant that will ensure a stable supply of electricity to its mills.
Previous reports had suggested that the Kuzestan Steel Power Plant would become operational in 2024 with an estimated cost of more than $355 million.
The gas-fired power plant is one of many electricity stations being launched by Iranian manufacturers to both power their industrial operations and to supply electricity to Iran’s power grid.
The Iranian government has committed to a continuous supply of energy to power plants being constructed by major manufacturers including by steel and cement producers.
The KSC began operating in 1989 as the first direct reduced iron and the first electric arc furnace steel plant in Iran. The company is the biggest producer of steel bars and the second biggest producer of semi-finished steel, or ingots, in Iran.
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