Minister of Industry Visits Faratarh Alloys Steelmaking Complex: Iran’s First Stainless Steel Production Plant

On Tuesday, May 15, 2024, Dr. Ali Abadi, the Minister of Industry, Mines, and Trade, along with Dr. Doosti, the esteemed Governor of Hormozgan, and a delegation of provincial officials, visited the construction site of the Faratarh Alloys Steelmaking Complex to review the progress of this national project. The visit was accompanied by the management of Faratarh Alloys.

Engineer Karim-Pour, Deputy CEO of Faratarh Alloys, provided a detailed explanation about the project’s national significance, highlighting its role in producing a wide range of high-value-added steel products. He emphasized the positive impact on the country’s trade balance by reducing the need for imports and increasing exports of these products. He also reported on the progress of the project, including the transportation of factory equipment to the country and the construction of a 300-megawatt power plant to supply electricity for the steelmaking unit. He mentioned that the project’s completion requires further support and assistance from the Minister of Industry, Mines, and Trade and various national and provincial entities.

Dr. Ali Abadi, wishing success for the project, underscored the importance of ensuring power supply through the construction of a dedicated power plant and the possibility of supplying excess electricity to the national grid.

According to the vision, the Faratarh Alloys Steelmaking Complex is expected to be operational by 2026,

with an annual production capacity of 864,000 tons of stainless steel. This will not only meet the domestic demand for stainless steel, which has been largely dependent on imports, but also transform Iran from an importer to an exporter of this strategic product. The massive project, to be built on a 50-hectare site in the ISOICO area of Bandar Abbas, will generate direct and indirect employment for 4,850 people.