Iranian Mines and Industries Development and Renovation Organization (IMIDRO) announced on Wednesday managers of Italian firms Denali and Fata have presented plans for 4 billion euros investments in Iranian steel and aluminum industries.

Managers of the two Italian firms have made their investment proposals in separate meetings with Iranian Minister of Industries, Mines and Trade and IMIDRO Managing Director Mahdi Karbasian according to an IMIDRO report.

Denali Company’s Managing Director John Pietro Benedetti in his meeting with the Iranian minister asked for expansion of bilateral relations in mines and industrial fields.

Denali and Fata companies have throughout the part 25 years implemented IPCF (Industrial Point Coordination Function) plans and under the prevailing post-JCPOA conditions they are asking for making investments in those fields.

Those two companies are planning to establish a joint firm and invest in a 6.5 million ton iron ore and a 3 million ton sponge aluminum project in which the Italian side will invest 60% and IMIDRO 40%.

Iran plans to manufacture 55 million tons of steel annually by the year 2025 and 1.2 million tons of aluminum by that year.

IRNA
Nov 4, 2015