The facility which includes a plant and its periphery units has the capacity of producing 1,650,000 tons/year of steel products.
Over Rls 3,000 billion has been spent on the project so far, the Islamic republic news agency reported.
The first phase of the project provides employment to about 3,000 people while another 20 thousand people will have jobs after its full completion.
The project aims at producing 1,650,000 tons of sponge iron and 1,500,000 tons of a specific kind of steel annually.
The steel facility, the construction of which started two years ago, is expected to be fully implemented in September.
The project aims at creating jobs and expanding industrial scope of the province.
The president also inaugurated a multi-level interchange in the province.
The interchange which is located on roads linking Bandar Abbas, Shahid Rajaie port and Bandar Lenge offers an ultimate solution to the critical traffic congestion the province faced.