The Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) has announced that it has signed a memorandum of understanding (MoU) in Tehran with South Korea-based steelmaker POSCO to broaden cooperation between Iran and South Korea in steel and related industries. The value of the agreement is about €1 billion.
According to the agreement, POSCO and IMIDRO will cooperate in financing, new steel projects and technical knowledge for a period of two years.