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Mittal Steel has signed a contract worth €1 billion to produce iron in southern Iran.


Global industrial giant Mittal Steel on Tuesday signed a contract worth €1 billion to produce iron in southern Iran.

The contract that has been signed with Mahan Industries and Mines Development Company – a subsidiary of Iran’s Tourism Financial Group – envisages extracting iron and the establishment of a processing plant in the country’s southern province of Kerman.     

Mahan has not specified which specific iron mine will be the subject of the deal with Mittal but it owns a major mine near Sirjan which is considered to be one of the largest in the country with a reservoir of about 1.2 billion tons.  The company last year won a deal to extract 24 million tons of iron from the same mine for 14 years.

Mittal Steel is also based on the same deal expected to take charge of managing Mahan’s Bonab steel production complex in northwestern Iran for a period of five years.

Located near Tabriz, the capital of East Azerbaijan province, Bonab complex has an annual production capacity of over 3.5 million tons and is considered the biggest private sector steel production project in Iran.

Tourism Financial Group – a major holding that controls a chain of banks, financial institutions, tourism enterprises and industrial firms – has announced in a statement that it expects the deal with Mittal to help transfer the technical knowledge in the steel industry to Iran.  

It has also said it expects the deal to help Iran export steel products to regional and international markets through partnership with Mittal.  

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Secretary of Iranian Airlines Association Maqsoud Asa'adi Samani said the 8th International Aviation Exhibition will be held in November.

"The 8th International Aviation Exhibition will be held on Kish Island on November 17-20," Asa'adi Samani told reporters in Tehran on Sunday.

Noting that the biennial exhibition is the first major event after the removal of sanctions against the aviation industry, he said the biggest international aircraft manufacturers, including Airbus and spare parts companies will be in attendance.

"The 8th exhibition will be the biggest industrial event in Iran after the nuclear deal (with the world powers)," Asa'adi Samani said.

Tehran has become a hot destination for foreign delegations, jockeying for position in the lucrative new market opening for business. The nuclear agreement explicitly prioritizes the sale of commercial passenger aircraft and related parts and services to Iran, with Airbus and Boeing are poised to rebuild the fleet and secure an enormous payday.

Iran Civil Aviation Organization acts as a policy maker and coordinator to promote an indigenous Iranian aeronautical industry by providing and assisting the aircraft industries with needed technologies, knowledge and parts.

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 Iran Khodro Industrial Group (IKCO) and Germany’s car manufacturer Mercedes Benz officially started a new round of cooperation with opening their joint company in Tehran.

Setareh Iran company was inaugurated in a formal ceremony attended by German Ambassador to Iran Michael Freiherr von Ungern as well as a group of top managers from IKCO and Mercedes Benz.

Addressing the ceremony, the CEO of Setare Iran, Ali Namakin spoke of the economically and technically feasibility studies currently underway for producing Benz motorcars in Iran, adding:”Based on the agreement signed between Germany’s Daimler AG and IKCO, the two sides will establish a joint venture through Setare Iran.”

He went on saying that the cooperation would be enhanced in future. ”Iran will import 1,500 to 2,000 Mercede Benz vehicles in next year and the customers can drive them with full confidence,” the CEO added.

Namakin cited IKCO as the largest car manufacturer in the Middle East and a pioneering car producer in the world saying IKCO maintained its production standards even under the West’s sanctions and its new round of cooperation with international car manufacturers is part of a larger plan to play its pioneering role in the auto industry.

He emphasized the unique nature of IKCO and Mercedes Benz agreement saying the new cooperation would be launched via a joint venture.

“Initial feasibility studies have already been conducted on assembling Benz products in Iran. The two sides would enjoy the support of local part producers in the next rounds of cooperation,” Namakin said.

Touching upon the company’s after-sales service, the CEO said, the service network of Mercedes Benz and IKCO operate totally separated from each other.

“Mercedes Benz has been holding a number of training courses for the technical service staff of its 30 outlets across the country. The company is also establishing its own standards,” he added.

The CEO of Setare Iran also spoke of the company’s plan to import and produce Mercedes Benz vehicles in various classes at lower prices saying:”Almost all Benz classes are luxurious but we have already conducted several research into new ways to produce vehicles in new classes which could be used as taxi in the next phases of two sides’ cooperation,”

For his part, the CEO of Mercedes Benz Middle East Office, Steffen Boumann praised IKCO as the largest car manufacturer in the region saying IKCO’s production lines enjoy a high quality.

He emphasized the necessity of conducting new research into the regional markets, adding:”We are of the opinion that IKCO has an enormous potential to produce Mercedes Benz vehicles.”

He concluded that the German company will  enhance its cooperation with IKCO after conducting feasibility studies and establishing new production lines at IKCO sites in the near future.

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کتاب عملیات بانکی در عرصه بین الملل -سرفصل ها،ضمائم ،توصیه صاحب‏نظران ارزی و مدیران ارشد بانکی

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