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The project is 95% complete physically, the authorities said.

About half of the equipment was supplied by local manufacturers, with the other half sourced from Turkey’s Guney Metal.

The new rolling mill will be capable of rolling rebar in 8-32mm sizes.

Anahita Gilan Steel is located in Rasht Industrial City, next to the city of Rasht, near the Caspian Sea coast.

Proximity to the Caspian Sea gives the company easy access to imported billet from CIS countries while distributing rebar in the northern parts of the country.

Khazar Steel, a 700,000-tpy mini mill also located in Rasht Industrial City, was inaugurated formally in July, while several other rolling mills are already operating in the region.