TEHRAN (Mehr News Agency) – An agreement was signed here Saturday between Iranian private company, Foolad-e-Naseer, and the famous Austrian steel manufacturer Voest-Alpine, concerning the establishment of Iran’s largest private steel factory, manager of the Iranian company Naser Farhadi announced.

The project licensed by the Ministry of Mines and Industry would be started in Foolad-e-Naseer complex, based in southern province of Fars, he said, stressing that, since the inception of the Islamic Revolution in 1979, it happens to be the most significant project in the province.

The complex consists of two separate industries, one allotted to the process of steel manufacturing and the other specialized for beam production, Farhadi stated, adding some 90 million euros has been invested in the project, 25% of which by domestic and foreign investors.

“Iran’s Exchange Reserve Account has provided the remaining budget,” he said.

Some part of the investment would be used for buying necessary machineries and technologies, Farhadi added.