Iran in deal with Danieli to set up new steel company
TEHRAN, January 28, 2016
Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) is set to jointly set up a new company with Danieli, a leading steel player in Italy, according to a report.
The firm, named 'Persian Metallic,' will be located in Chabahar free trade zone in southeastern Sistant-Baluchestan province, said the report in Iran's official news agency IRNA.
The company will undertake development of products including iron ore, pellet iron ore, sponge iron and downstream products, it said.
Danieli will supply some 60 per cent of the company's share, with the rest provided by IMIDRO, Mehdi Karbasian, head of IMIDRO, was quoted as saying.
At an increased $2 billion investment, it would be launched within the next weeks, he added.
