60775
ArcelorMittal intends to continue cooperation with Iranian customers.
ArcelorMittal intends to continue cooperation with Iranian customers.

ArcelorMittal Expands Steel Sales to Iran

ArcelorMittal Expands Steel Sales to Iran

World’s largest steel producing group of companies–ArcelorMittal–expanded its cooperation with Iran in 2016 by increasing steel product shipments to the country.
The company intends to continue cooperation with Iranian customers, but only in compliance with applicable sanction regulations, Metal Expert cited an official statement made by the Luxembourg-based multinational steel manufacturing corporation.
In 2016, steel sales of ArcelorMittal’s subsidiary ArcelorMittal International FZE in Dubai, otherwise known as AIMD, to customers in Iran generated $388 million in revenue, according to an official statement. With the ease of sanctions of the United Nations, European Union and the United States in January 2016, AMID started selling directly to buyers in Iran while earlier the company preferred to deal with trading companies, most of which were based in the UAE.
As a result, AIMD has been marketing construction steel and flat products to Iran as well as API grade slab products for use in the energy and petrochemicals sector.
In the meantime, ArcelorMittal’s Europe division has been concentrating on sales of coated flat products, alloy steel plates and stay cable strands both directly and indirectly for projects in Iran.
The cooperation allowed the company to generate $5.8 million in revenue and $0.8 million in profit in 2016.
ArcelorMittal intends to keep up cooperation with Iranian buyers of steel products and continues to monitor the developments in this area, especially the ones related to the sanction policies against Iran.
In its official statement, ArcelorMittal stresses that none of the above sales was closed with any sanctionable end-user and none of the deals was conducted in US dollars.
ArcelorMittal was ranked 108th in the 2016 Fortune Global 500 ranking of the world’s biggest corporations.

Short URL : https://goo.gl/Mf26PY
  1. https://goo.gl/oSqPUl
  • https://goo.gl/4VGpeb
  • https://goo.gl/ifbkH4
  • https://goo.gl/9U9yro
  • https://goo.gl/kMbHXJ

You can also read ...

The Meeting of Central Banks and Monetary Authorities of the OIC Member Countries was held on September 21-22 in Bodrum, Turkey. 
Governor of the Central Bank of Iran Valiollah Seif said given...
Oberbank Deal to Trigger European Finance Flow
The chief executive of Oberbank–whose bank this week became...
Petrochemical products account for the lion’s share of the export price index (46%).
The export price index snapped its two-month contraction and...
Apparel tops the list of goods smuggled into Iran.
The Ministry of Industries, Mining and Trade has introduced...
Proton Dissolves Dormant Subsidiary in Iran
Malaysian industrial group DRB-Hicom Berhad, the owner of...
Unwanted Mehr Housing Units to Be Repurposed
With the aim of bringing to a close the protracted and...
SCI Puts Inflation at 8%
The goods and services Consumer Price Index in the 12-month...
VW Seeking Long-Term Cobalt Supplies in Shift to Electric Cars
Germany’s Volkswagen is moving to secure long-term supplies of...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus