Iran has allotted an investment of over €2 billion ($2.263 billion) on seven new steel projects, said Mohammad Reza Nematzadeh, industries, mines and trade minister of Iran.

Speaking at the the inaugural ceremony of the second phase of Sungun Copper Complex in East Azarbaijan province, Nematzadeh said extensive measures have been taken to develop the mineral sector in the country, a report in Iran Daily said.

Nematzadeh said since a large number of projects remain incomplete, the government is seeking private investment in these projects.

“Investors can take 60 to 80 per cent share of the steel projects with a production capacity of 1 million tons,” he said.

The minister referred to the South Aluminium Project, which has remained incomplete for the past nine years, and said $1 billion in letter of credit have been opened in five banks for the project.

Nematzadeh said steel projects need the support of Majlis and private sector, hoping that the mining sector will make a significant progress in the near future.

The minister noted that these projects have been devised to increase the country’s annual steel production to 55 million tons, adding that fruitful measures have been taken in this respect.