Iranian steel producer Ghadir Iron and Steel Company's managing director Asadollah Farshad has announced that the construction of the company's direct reduced iron (DRI) plant with a designed annual capacity of 800,000 mt will be completed by December this year.
Mr. Farshad added that a total investment of €70 million plus Rials 297 billion ($30 million) has been spent for the project on which construction commenced in December 2007.
Ghadir Iron and Steel, which is owned by Iranian investment company Ghadir Invest Co., is located near Ardakan city in the central Iranian province of Yazd. As regards raw materials, the new plant will be supplied with pellets by Chador Malu palletizing plant which is also located near Ardakan. The plant is expected to sell its DRI output to steel plants located in Yazd, such as Iran Alloy Steel Co., and in neighboring areas.