German steelmaker SMS Group has reportedly signed a $400 million contract to expand production at Iran's Mobarakeh Steel Company, but facing financial difficulties, no clear timetable for progress has emerged.
Iran, which produces about 16 million tonnes of steel a year, is also looking for foreign partners to help with the expansion. The SMS group, a producer of iron and steel, aluminium and copper, did not provide any details for the project, as the conflict with US sanctions makes it extremely difficult to seek ways of financing.
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