China Nonferrous Metal Industry's Foreign Engineering & Construction Co., a subsidiary of Chinese state-owned metals company China Nonferrous Metal Mining (Group) Co., has announced that on January 13 it signed a $712 million dollar contract with Iran Butia steel plant to help build a steel plant in Iran.
Accordingly, the Chinese company will provide engineering design, equipment supply and installation, construction and training services for the Iran Butia steel plant. The plant is expected to be able to produce 2 million mt of sponge iron and 1.5 million mt of steel billets per year after completion of construction which is expected to last four years.
China Nonferrous Metal Industry's Foreign Engineering & Construction also has several other projects in Iran, mostly assisting Iranian companies in building factories producing aluminum, alumina and ferroalloys.