Iran Spending 60% Less Hard Currency on Steel Production

SEATTLE (Scrap Monster): Using foreign currency for steel production has decreased by more than 60% to $65 per metric ton, the head of the Iranian Steel Manufacturers Association has said.

Bahram Sobhani referred to the role of the indigenization movement in reducing the use of foreign currency in steel production, saying that since the indigenization and maximum use of domestic manufacturing capacity in the steel chain was followed, foreign currency has been saved significantly.

He added that contracts and MoUs were signed between major steel chain companies and knowledge-based enterprises during this year's national steel exhibition.

He noted that about $1.7bn has been saved through the agreements signed in the previous four rounds of the national steel festival.

Courtesy: www.mehrnews.com