The construction of Fasa Steel Complex, the largest Iranian private sector investment in steel production, was officially inaugurated by Iran's minister of industries and mines Ali Akbar Mehrabian on February 22.
The project will be built in three phases; the first phase comprises steel billet production with an annual capacity of 1.5 million mt, a pelletizing plant with an annual capacity of 2.5 million mt, and an iron-making plant (DRI module) with 1.7 million mt output per year.
The second phase of the steel complex will have similar output capacities to the first phase. Details regarding the third phase have not been issued yet. The targeted final steel output capacity of the complex is 4.5 million mt per year.
Fasa Steel Complex is located southeast of Shiraz, in the south of Iran. The project budget for the first phase is IRR 8 trillion (about $727m), sources state. Construction of the first phase is expected to be completed within 24 months.