Karimov said that Russia, Turkey and Iran are major regional producers in the field of metallurgy.

"On average, Russia produces 70 million metric tonne of steel, Turkey - 34 million metric tons and Iran - 15 million metric tons per year. Iran intends to bring the volume of production to 50 million metric tons of steel a year soon. Iran has rich deposits of iron ore (iron oxide share in the primary ore is 50% to 55%. Iran began to build seven large metallurgical companies last year. In this regard, before launching the construction of new plants, we must explore the local market, analyze the activity of metallurgical companies-competitors in the region and the types of steel products which we will produce."

The author said that Iran has iron ore reserves in the volume of seven billion metric tons, but Russia vastly exceeds this amount with 206.1 billion metric tonne.

Azerbaijan has total reserves of iron ore at the level of 246 million metric tonne. Its proven reserves amount to 233 million metric tonne (at an average grade of iron oxide – 43%).

According to the State Statistics Committee of Azerbaijan, the iron ore production volume in the country amounted to 89,600 metric tons in January-November 2014.