Phase 2 of Baft Steel Complex Company, one of the largest producers of Direct reduced iron in Iran (DRI), has officially commenced operations, adding 800,000 tons to Iran's annual DRI production capacity.
The inauguration marks a significant milestone in Iran's steel industry, pushing the company's total production capacity to 1.6 million tons per year.
Beyond its impact on production capacity, the project's importance lies in its contribution to sustainable job creation, providing direct and indirect employment for over 600 people in the less developed region of Baft. This will undoubtedly play a vital role in promoting balanced economic development and fostering prosperity in the area.
The successful completion of Phase 2 is a testament to the visionary leadership of Mehdi Jahangiri, the CEO and Chairman of Tourism Financial Group, the driving force behind the project. It stands as one of several projects accomplished in 2023, fulfilling the group's promise of project blossoming and underscoring its unwavering commitment to industrial and economic development in Iran.
It's worth noting that Phase 1 of Baft Steel Complex Company was inaugurated in 2019 with a 60% stake held by Mahan Industrial and Mining Development Holding Company. The project was aimed at achieving industrial self-sufficiency and producing strategic products such as DRI.
DRI is a crucial product in the steelmaking industry, obtained from raw iron ore. With its high iron content, it finds application in the production of crude steel, alloy steel, and granulated DRI.
Key Advantages of Using DRI:
Baft Steel Complex, through its production of high-quality and competitive products, plays a pivotal role in advancing Iran's steel industry. Leveraging state-of-the-art technologies and a team of experienced professionals, the company strives to meet the country's DRI requirements domestically and achieve remarkable success in exporting the product.