Economy Ministry: more than $7m to be invested in Karakert steel plant set up with Iranian investment

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Economy

24.06.2024, 15:04

Armenian Minister of Economy Gevorg Papoyan visited last Friday a metallurgical plant in Karakert village of Armavir marz, created with $5 million Iranian investments.

Economy Ministry: more than $7m to be invested in Karakert steel plant set up with Iranian investment

YEREVAN, 24 June. /ARKA/. Armenian Minister of Economy Gevorg Papoyan visited last Friday a metallurgical plant in Karakert village of Armavir marz, created with $5 million Iranian investments.

He was accompanied by Iranian Ambassador to Armenia Mehdi Sobhani. The construction of the plant started in 2021 and the output was launched in 2023. At the first stage, $5 million were invested in the lant, thanks to which the daily production volume is currently 60 tonnes of steel products. Local raw materials are used.

At the second stage, investments of more than $7 million are planned, after which the production of rebar and wire will begin. The capacity of the plant is 200 thousand tonnes of metal profiles and ingots per year.

The plant employs 170 people, of whom about 40 are from Iran and the rest are from Armenia. After the full-scale launch, the number of jobs at the plant will reach 250.-0-

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