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.
(Source: Reuters)
(Picture Source: SMS Group)
No comments yet.