IRON and STEEL
Vietnam’s leading steel producer Hoa Phat Group plans to produce 800,000 MT billets and 500,000 MT HRC this year and expects HRC products to be supplied to the market by Sep’20.
Chairman of Hoa Phat said, "Before 2025, Vietnam will still have to import more HRC because the production capacity of Hoa Phat and Formosa is not enough."
Also, the company plans to produce 3.6 MnT construction steel in CY’20, the company Chairman said in a meeting.
According to HRC manufacturers, the HRC production line is compared to 10 times harder than construction steel production technology. Therefore, the aforementioned HRC production plan depends on many factors.
Hoa Phat has submitted a profit plan of about VND 9,000-10,000 billion this year.
The value of Iran’s exports from the mining sector stood at $5.612 billion in the first 10 months of the current Iranian calendar year (March 20,2020-January 19, 2021), according to the data released by the Islamic Republic of Iran Customs Administration (IRICA).
An Iranian economic official said on Friday that due to its strategic position and the projects currently underway, Chabahar port will become a hub of steel and petrochemical industry in the country.
While Iran is fighting the U.S. severe sanctions on its economy, and the country’s different industrial and economic sectors have been affected by the limitations and difficulties caused by the sanctions condition, the country’s mining sector is moving forward noticeably, overcoming such barriers.
Vale has paid $6 million for a minority stake in the Boston Electrometallurgical Company (Boston Metal) as part of efforts to produce steel without carbon emissions, according to a statement on Tuesday.
Iran's current crude steel production volume has registered a significant growth as compared to 42 years ago, the Ministry of Industry, Mine and Trade's statistics showed.
This month last year, the previous head of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), which is the country’s major state-owned holding active in the mining sector, announced the organization’s top 10 targets to be followed up through some programs for domestic production of parts and equipment used in the mining sector as well as indigenizing required technology of this sector.