The Iranian minister of industries and mines Mr. Ali-Akbar Mehrabian has confirmed that Iranian banks will provide €42 million for the expansion of privately-owned Iranian long steel producer Sepid Farab Kavir Steel, based near Kashan city in the province of Esfahan.
The investment in question will be spent on the construction of two new rolling facilities including a rebar mill with an annual capacity of 550,000 mt, and a mill for producing sections which will have an annual capacity of 300,000 mt. Construction will commence as soon as the Iranian banks provide the finance. The new rolling lines are expected to begin operations within two years.
At present Sepid Farab Kavir Steel has a rolling capacity of 350,000 mt of rebar per year.