Baku Steel Company, a steel producer based in Azerbaijan, has stated that it plans to thoroughly analyze the activity of large companies competing in the region. Russia, Turkey and Iran are major regional producers in the field of metallurgy.
"On average, Russia produces 70 million mt of steel, Turkey producers 34 million mt and Iran produces 15 million mt per year," said the deputy head of the company Ramin Karimov. "Iran intends to bring its production up to 50 million mt of steel a year soon. Iran has rich deposits of iron ore. Iran began to build seven large metallurgical companies last year. In this regard, before launching the construction of new plants, we must explore the local market, analyze the activity of metallurgical companies-competitors in the region and the types of steel products which we will produce."
Iran has iron ore reserves in the volume of seven billion metric tons, but Russia vastly exceeds this amount with 206.1 billion mt. Azerbaijan has total iron ore reserves amounting to 246 million mt. Its proven reserves total 233 million mt. According to the State Statistics Committee of Azerbaijan, the iron ore production volume in the country amounted to 89,600 mt in January-November 2014.
Baku Steel Company began production in June 2001. A major supplier of fittings on the country's domestic market, Baku Steel Company also produces goods for export to Russia, Georgia, Turkmenistan and Iran.
The company produces various grades of steel in the form of square section billets of 120, 140 and 150 mm with length of 12,000 mm, as well as fittings with a diameter of 10-32 millimeters and length of 6,000-12,000 mm. The company's new metallurgical enterprise will produce iron sheets and other products.