Kazakhstan seeks to increase the capacity of iron and steel industry

Now the share of iron and steel sector in the national GDP is 8.5%

The government of Kazakhstan will support the development of iron and steel industry and is ready to implement constructive business proposals. This was announced by the Prime Minister of the country Alikhan Smailov, reports his official website.

Now the share of iron and steel sector in the national GDP is 8.5%. In 2022, the industry launched 19 new investment projects worth 232 billion tenge (over $502 million), creating 3.5 thousand permanent jobs.

In particular, in the coming years, the Kazakh government will take measures to expand the country’s mineral and raw material base and introduce a single online platform for mineral mining companies, as well as increase processing capacity.

Alikhan Smailov also noted that in order to increase the investment attractiveness of iron and steel complex, the government decided to exempt projects that will start industrial production after December 31, 2022, from paying the mineral extraction tax for a period of up to five years.

The Prime Minister of Kazakhstan announced that the authorities will continue cooperation with business to support and develop of inductry and other sectors of the economy.

As GMK Center reported earlier, in 2023, Kazakhstan plans to start construction of three steel enterprises on the territory of the Saran industrial zone of the Karaganda region. Investments in new projects – a plant for the production of galvanized steel, a pipe plant and a hot-dip galvanizing plant – are expected at the level of $478 million.

Also, Kazakhstan is planning to build a new billet production plant in Aktobe with a capacity of 800,000 tons per year. QazSpecSteel LLC plans to invest $587 million in the project.