Steel plant worth $800 million to be built in Mongolia
AKIPRESS.COM - Minister of Industry and Mineral Resources Damdinyam Gongor announced decisions that have been made at the recent Cabinet meeting, MiddleAsianNews reported.
"Today we witnessed a significant event: a decision was made at the Cabinet meeting to launch a large-scale construction project, namely, the construction of a steel plant," the Minister noted.
"This project is capable of covering 60-70% of domestic demand, halving the volumes of the cement industry, significantly reducing the cost of raw materials and creating approximately 1,700 new jobs. We are opening up opportunities for the participation of large international companies," he added.
"In addition, steel produced in Mongolia can be delivered to the European Union in 10 days, while steel produced in China takes 60 days. This will be a significant advantage for our country," the minister emphasized.
The steel plant, with a projected capacity of at least 1 million tons of steel, will be located in Darkhan-Uul province.
650 hectares of land in Darkhan-Uul province will be allocated for the construction.
As of today, Mongolia consumes 1 million tons of steel, and by 2030, this figure is expected to grow to 1.7 million tons.