UK-based plantmaker Primetals Technologies has announced that it has signed a cooperation agreement with Iranian company Fakoor Sanat Teheran Engineering Co. on jointly implementing various projects in the Iranian steel industry. The total value of the steel projects in question is estimated to be more than €1.8 billion.
Primetals Technologies stated that the agreement is an important milestone on the path to enhancing the position of Primetals Technologies as the leading technology supplier to the steel industry worldwide. It went on to say that Iran is a country with great potential for the future and its domestic steel industry plays a leading role in the development of this potential. According to Primetals Technologies, Iran will offer good business opportunities in the medium term since it is one of the world's 15 biggest steel producers and has large deposits of iron ore and energy resources.