By John Lee.
Reuters reports that German steel plant maker SMS Group “faces 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.
(Picture Source: SMS Group)