Minews - NDFI finances steel project

(Minews) - The National Development Fund of Iran (NDFI) allocated €118 million to finance a steel ingot manufacturing project in Iran Alloy Steel Company (IASCO), IRNA reported.

The NDFI will inject the fund through the Export Development Bank of Iran and Bank of Industry and Mine.

The IASCO currently produces 200,000 tons of alloy steel per year and the new project is expected to increase the annual input by 700,000 tons – 400,000 tons of which will be carbon steel and the rest will be alloy steel.