The United Steel Factory (USIC), a Kuwaiti-Iranian joint venture, will commence operations on May 5. The $65 million plant has a target output capacity of 200,000 tons of iron rods in its first year of production, reported IFN.
USIC, located in Safat, Kuwait was 51 percent financed by Kuwait’s private sector and 49 percent financed by the National Iranian Steel Company. Built over a two-year time span, the plant has a nominal annual capacity of 330,000 tons of iron rods, a volume that could be increased to 550,000 tons in the future.
Some 26,000 tons of the factory’s raw materials will be supplied monthly by Khuzestan Steel Complex over a seven year period. The Khuzestan Company is located in Ahwaz, Iran and is owned by the National Iranian Steel company, NISCO. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
