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China to cooperate with Iran in steel and mining sectors

Baosteel is the world?s fifth largest steel maker with an annual turnover of US$130bn. (Image source: Alex Freeman/Pixabay)

China?s Baosteel has announced plans to cooperate with Iran in the steel industry and mining sector

Baosteel deputy CEO Chen Zaigen and some of the company?s top managers recently met with of Iranian Mines and Mining Industries Development and Renovation Organisation (IMIDRO) board of directors chairman Mahdi Karbasian to discuss cooperation, an IMIDRO report said.

At the meeting, Zaigen noted the decision by Iranian and Chinese officials to expand economic cooperation. He added that cooperation with Iran is on the agenda of Chinese companies based on the government?s programme.

He reiterated that Baosteel?s capacities in the steel, mine, jetty, finance and IT sectors will allow for an extensive cooperation with Iran. ?Our plants in China conform to high environmental standards which are even more advanced than those of some European and American companies,? he said.

IMIDRO chairman Karbasian said, ?We plan to produce 55mn metric tonnes steel by 2025 and extensive projects were initiated in the exploration sector to meet the demand for raw materials. We plan to continue activities in Iran?s iron ore reserves to increase production by 30 to 50 per cent by next year.?

Karbasian also added that in addition to mineral deposits, gas reserves, access to free waters and skilled manpower provide appropriate conditions for cooperation with foreign companies to expand mine and mining industry cooperation, particularly in the steel sector.