The Hindu Business Line : Tata Steel, Iranian co form joint venture

TATA Steel has signed a joint venture agreement with Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) to participate in its proposed steel-making projects and mining operations in Iran.

Mr M. Moazenzadeh, Chairman, IMIDRO and Mr B. Muthuraman, Managing Director, Tata Steel signed the agreement in Tehran today, an official statement said.

Tata Steel will partner IMIDRO in establishing a 1.5 million tonnes per annum (mtpa) steel slab-making facility, 1.5 mtpa of steel billet-making capacity, and a separate three mtpa export-oriented steel plant.

The two will also partner in the exploration and mining of unexplored iron ore mines.

The statement said that Tata Steel would partner IMIDRO in the ongoing Hormozgan steel project, which would establish steel-making operations in the Persian Gulf Special Economic Zone (PGSEZ) at the port city of Bandar Abbas.

The first phase of this gas-based steel project would establish a 1.5 mtpa steel slab-making facility, followed by the second phase that would establish 1.5 mtpa of steel billet-making capacity.

Further, Tata Steel and IMIDRO will explore and mine unexplored iron ore mines at Gol-e-Gohar mines in the Kerman province of Iran and establish a gas-based pellet plant at Gol-e-Gohar using this ore.

A MoU has also been signed expressing intent to establish the three mtpa export-oriented steel plant in two modules of 1.5 mtpa each at PGSEZ in the vicinity of the Hormozgan steel plant.

However, the statement provided no details on the required investment.

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