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EghtesadOnline: First Vice President Es'haq Jahangiri accompanied by Minister of Industries, Mining and Trade Mohammad Shariatmadari inaugurated a development project at Saba Steel Complex in Isfahan Province on Tuesday.

The project, which includes setting up a continuous casting mill, has been launched through €146 million of investment by Italy's Danieli Group and 2.53 trillion rials ($60.3 million) of local credit.

It boosts Saba's output capacity from 750,000 tons to 1.6 million tons per year, according to Financial Tribune.

As a subsidiary of the flat steel producer Mobarakeh Steel Company, Saba's main products include hot-rolled coil, steel sheets and stainless flat products, IRNA reported.

Jahangiri also inaugurated a 25-megawatt power plant established by Saba in the mill's vicinity to meet its energy needs and provide it with emergency power. 

The company invested €13.7 million and 150 billion rials ($3.57 million) in this project.

 

Mohammad Shariatmadari Es'haq Jahangiri Saba Steel Complex