KSC Buys 67% Stake in Mining Holding

Iran’s largest steel exporter Khouzestan Steel Company has successfully bought majority shares in a major mineral holding, moving toward self-sufficiency in the steel production chain.
It has acquired a 67% stake in National Industrial and Mineral Development Company, a subsidiary of Bank Melli’s investment arm Tosee Melli Group Investment Company, worth a total of 12.4 trillion rials ($258.5 million). The shares were put up for auction by TMGIC.
NIMIDCO has two iron ore concentrate and pellet-making plants in the mineral-rich zone Sangan located in Khorasan Razavi Province.