Iranian sources have reported that 50 percent in the state-owned steel producer Khuzestan Steel will be transferred to the private sector in the current Iranian year (ending March 20, 2008).
According to the company's director for stock affairs, Mr. Gholamreza Foroughinia, the shares will be offered on the stock exchange in several phases.
Mr. Foroughinia went on to explain that some five percent of Khuzenstan Steel stock, worth over Rial 109 million ($11.76 million), would be floated on the stock exchange to evaluate the price, while another five percent stake would be offered to the mill's workers. Once these two stages are completed, a 25 percent stake in Khuzestan will be transferred to the public under the ’justice shares' plan. The remainder of the 50 percent stake being put up for sale will be then offered to private investors.