The giant Meibod Steel Complex with an annual production capacity of 300,000 tons of cast iron came on stream in the central city of Yazd on Tuesday, IRNA reported.
The complex, that was inaugurated by Majlis Speaker Mehdi Karroubi, has cost about 45 million dollars to complete.
It is the first project of Iran's major metallurgy industries that has been established by relying on domestic expertise, and has created jobs for about 500 people.
Built on an area of 230 square hectares, the complex has been one of the most important development projects during the Second and Third Five-Year Economic Development Plans.
Meanwhile, Karroubi said the project had cost some 70 million dollars cheaper for Iran to complete by relying on indigenous resources.
He highlighted the need to boost the production of the industrial sector, stressing that Iran should not always rely on oil revenues to satisfy its economic needs.
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