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Iran to privatize Esfahan Steel within two years

Reuters reported that Iran's second largest public manufacturing mill Esfahan Steel Company is expected to be privatized in two years time as a part of economic reforms which began in 2004.

Mr Hokmollah Babaie MD of Esfahan Steel on the sidelines of steel conference in Dubai said that “"Esfahan is the last of the large public steel companies and will be privatized in about two years' time.” Mr Babaie said that "We have 800 people that are working at the mill. One of the biggest challenges of privatization is securing the jobs of these people that is why it will take time." Mr Babaie added that “Another challenge is finding buyers ready to invest in upgrading the company's technology. This factory is one of the oldest in Iran and some of the furnaces are old Russian models that need to be updated.”

Esfahan Steel produces around 3.6 million tonnes of finished steel products a year, of which 10% is exported and the remainder sold to the domestic market.

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