German Firm “Facing Challenges” Financing Iran Venture

By John Lee.

Reuters reports that German steel plant maker SMS Groupfaces challenges in raising financing” for its $400-million contract to expand production at Iran’s  Mobarakeh Steel Company.

Board member Dieter Rosenthal told the news agency that the privately-held firm, which builds steel, aluminium and copper plants, signed the contract in February to add additional capacity of 3.5 million tonnes of steel a year, with potential to increase to 5 million tonnes.

He said that it was not clear when the project would be implemented because of the difficulty of finding financing that does not conflict with U.S. sanctions.

(Source: Reuters)

(Picture Source: SMS Group)

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