Economy, Business And Markets

Steel Industry Grabs Spotlight in Vienna Deal-Making

Steel Industry Grabs Spotlight in Vienna Deal-MakingSteel Industry Grabs Spotlight in Vienna Deal-Making

Iran Chamber of Commerce, Industries, Mines and Agriculture has published details of the agreements signed between Iranian and Austrian businesses in Vienna last week.

Companies from both sides inked memorandums of understanding worth $2 billion during the visit made by a 110-strong business delegation of Iranian private sector business representatives, headed by ICCIMA chief, Mohsen Jalalpour.

An agreement worth more than €1.8 billion between Austria’s Primetals Technologies—a metal industry services and solutions company—and Fakoor Sanat Tehran Engineering Company, an Iranian design and construction firm active in industries and mines was the most notable.

The deal was signed during an Austrian-Iranian Business Forum held in Vienna on Thursday. Both companies signed a general agreement on jointly implementing various projects in the Iranian steel industry. The agreement is likely to be extended to cover further projects.

“Iran is a country with great potential for the future and the domestic steel industry plays a lead role in the development of this potential. We look forward to working on the upcoming projects with our Iranian partners,” said Yasukuni Yamasaki, CEO of Primetals Technologies, as reported by the company’s news service.

The economic development of Iran suggests that demand for steel will increase in many sectors, especially in infrastructure and the oil and gas industries, the report reads.

Iran is one of the world’s 15 biggest steel producers and has large deposits of iron ore and energy resources. The Iranian government also plans to more than double the steel production capacity over the next 10 years.

Heiner Rohrl, CEO of Primetals Technologies Austria, said cooperation between the two companies “will cover all stages of the value chain in steel production” and that the company will fulfill “high expectations of Iranian partners for technologies and engineering skill”.

During the Austria visit, Iranian businessmen and those of Austria also signed agreements in the fields of halal food, pharmaceuticals, petrochemicals, energy and automobiles.

The documents included an MoU between Iran’s Halal World Institute and European Fatwa Council for Halal Transactions, an agreement between Iranian pharmaceutical company Rougine Darou and Austrian pharmaceutical group Examon as well as an MoU between Iran Housing Investment Company, a state-owned firm active in hospital construction, and Austrian healthcare company Vamed.

Other deals include one clinched between Iranian energy and transportation MAPNA Group and Austrian manufacturer of rotating electrical machines, Elin Motoren, another between Iran Rayanehdaran Company and Austria’s Petrochemical Holding GmbH for exchange of chemicals and investment in Iran’s petrochemical sector.

Two more MoUs were signed by Iran’s Auto Parts Manufacturers Association with Austrian counterpart Gesamtverband Autoteile-Handel e.V. and 3PMan company.