According to Azerbaijan's state information agency Azertag, Azerbaijan President Ilham Aliyev has issued an order to establish Azerbaijan Steel Production Complex, whose shares will belong to the state. The closed joint-stock company will cover all stages from iron ore production to steel production in Ganja city and in the Dashkasan region.
Additionally, Dashkasan Filizsaflashdirma OJSC, the state-owned iron ore processing plant, will also be incorporated into the new steel production complex, with management rights of its shares to be given to Azerbaijan Steel Production Complex.
Accordingly, Azerbaijan's cabinet of ministers will determine the company's authorized capital and will be responsible for the approval of annual reports, balance sheets, profit/loss accounts, distribution of profit/loss of the complex and the staffing and cost estimates. The financial funds for the establishment of the steel production complex will be allocated from the state budget within a month.