European consortium invests €80m in Mobarakeh Steel

A foreign consortium, consisting of German and Italian companies along with a Swiss Bank and Iranian company, has invested €80 million in the Iranian steelmaker Mobarakeh Steel Co. The current investment is a part of €300 million worth investment program for the largest Iranian steelmaker which had concluded an agreement with the consortium six years ago. Mobarakeh is to use the current €80 million in a project to improve its environmental standards, upgrade the quality of its products and also to boost energy saving technologies. The project is scheduled to begin on February 1, 2007.