Iranian companies sign deal with European banks
After two-years of talks, a consortium of European and Iranian banks and companies signed a $600 million deal to build a steel plant in Bandar Abbas. An official from the Iranian Mines and Mineral Industries Development and Renovation Organization (IMIDRO) said that the deal holds great importance for the Iranian steel industry since the project will increase country's annual steel production by 1.5 million tons. The foreign and Iranian banks will equally finance the project. The partners in the consortium include SMS Demag of Italy and Germany, two subsidiaries of IMIDRO –German MME and the Italian IRASCO– and Iranian companies IRITIEC and Foolad Paya.