TISCO ready to embark on Iranian JV

TISCO ready to embark on Iranian JV

Indian steel producer Tata Iron and Steel Corporation (TISCO) announced yesterday that it had signed a joint venture agreement with the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) to build three plants in Iran. In line with the deal, TISCO and its partner will build a 1.5 million ton-slab plant, a 1.5 million ton-billet plant and an export-oriented steel plant with an annual capacity of 3 million tons. All three plants will be established in Bandar Abbas. TISCO officials disclosed that the plants would be among the lowest-cost steel producers in the world. The two companies will also explore iron ore deposits at Gol-e-Gohar in Iran's Kerman province. The financial details of the projects have not been made public yet.