Economy, Business And Markets

Italian Firms Discuss Coop. With IMIDRO

Italian Firms Discuss Coop. With IMIDRO Italian Firms Discuss Coop. With IMIDRO

CEOs of three Italian steel and aluminum giants have proposed investment in Iran’s steel and aluminum sectors. This was announced by their heads in a meeting with Deputy Minister of Industries, Mining and Trade Mehdi Karbasian held in the Iranian Mines and Mining Industries Development and Renovation Organization’s headquarters in Tehran, IMIDRO reported on Wednesday. Gianpietro Benedetti and Martin Wright, the CEOs of Italy’s Danieli and FATA Aluminum Companies respectively, proposed to establish a joint company with IMIDRO and implement two projects for the production of 6.5 million tons of iron ore pellets and 3 million tons of sponge iron with an investment of $4.3 billion, 60% of which are to be undertaken by the Italians. Italy’s Danieli–one of the three largest suppliers of metal industry’s equipment and plants in the world–and FATA Aluminum Company are no strangers to Iran, as they have undertaken various steel and aluminum development projects in the country through an EPCF contract–Engineering, Procurement, Construction and Finance–over the past 25 years, such as the development of Almahdi Hormozal Aluminum Complex. CEO of Milan-based SMS INNSE Company Albetro Bregante also proposed cooperation with IMIDRO for the production of high-quality seamless steel sheets, a product widely used in the manufacture of oil and gas pipelines.