History of the IMIDRO Group - company profile.
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History of the IMIDRO Group


IMIDRO (full name: Iranian Mines and Mining Industries Development and Renovation Organization) has grown into the 25th largest steelmaker in the world [joint position], producing ~14 million tonnes of crude steel in 2016.

The timeline below covers the history of the firm.

  • 2002: IMIDRO established as a state-owned holding company.
  • 2005: Jv signed with Tata for iron ore exploration / steel plant construction.
  • 2007: Part privatisation of IMIDRO is announced.
  • 2006: Questions arise over further IMIDRO involvement in Mehdiabad zinc project.
  • 2010: IMIDRO divests ~46% of equity in Mehdiabad Zinc to Karoun Dez Dasht.
  • 2010: 147kt/yr-capacity Hormozgan Al complex (Hormozal) commissioned January.
  • 2010: Proposed divestment of several steel industry equity stakes.
  • 2011: Further decisions taken concerning delegation of steel to the private sector.
  • 2013: Plans to quadruple Iranian production of concentrated coal in 8 years.
  • 2013: Plan for Iran's steel capacity to exceed 25mt by 2015.
  • 2013: IMIDRO masters technical know-how for production of antimony.
  • 2013: Mahdi Karbasian named as head of IMIDRO. [Replaces Fereydoun Ahmadi].
  • 2013: Finland and Iran to cooperate in mining projects.
  • 2014: Seeks $1 bn for investment new iron ore projects in Sangan.
  • 2016: Three 'Provincial Steel Projects' [DRI] to be operational in 2016.
  • 2016: China considers $10bn capex spend on future mining projects.
  • 2017: Launches foreign investment plan for steel sector.
  • 2018: Mehdi Karbasian, IMIDRO Chairman, resigns in October.

Notes
  • Esfahan Steel Company is the first steel company to have been established in Iran. Commissioned in the late 1960s, Esfahan Steel is located close to the cities of Fooladshahr and Zarrinshahr, Esfahan Province.
  • 2002: IMIDRO control is understood to be through the Iranian Ministry of Industries and Mines.
  • 2007: The part-privatization of IMIDRO was considered to be in line with the Iranian government's policy to transfer the country's main industrial enterprises into private hands.
  • 2010: IMIDRO claimed alleged breaches of contract in the zinc project.
  • 2010: Hormozal is located adjacent to Almahdi Aluminum Corporation' smelter at Bandar Abbas.
  • 2010: IMIDRO proposed in 2010 to divest a 40% equity stake in Khouzestan Oxin Steel Co. [a rolling mill located in Ahvaz] and a 30% equity interest in South Kaveh Steel [involved in construction of DRI modules and a steel plant at Bandar Abbas]. These divestments are understood to reflect Government policy, geared to reducing the State's direct controlling interest in the economy.
  • 2013: Iran's coal reserves exceed 550 million tons, and are mostly located in Kerman Province [southern Iran], Tabas City [northeastern Iran] and in Alborz Province [central Iran]. As at end-2012, there were over 150 active coal mines in the country.
  • 2013: Finland's Outotec - after a meeting with President of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) Mehdi Karbasian - said in December 2013 that the company holds the potential and technical capabilities to join Iran's plans for development of iron ore and pelletizing projects.
  • 2014: New Sangan projects comprise an iron ore concentration plant and a pellet-making plant, each with 5 million metric tonnes per year capacity.
  • 2015: Seven steel projects remain unfinished. These include Sepiddasht in Lorestan, Neyriz in Fars, Qaenat in South Khorasan, Shadegan in Khuzestan, Mianeh in East Azarbaijan, Sabzevar in Razavi and Baft in Kerman Province.
  • 2016: French industrial engineering company Fives Group awarded contract to set up major aluminum plant in Iran. $400-million IMIDRO deal will see Fives increase Iran's production of aluminum anodes by 450kt/year.
  • 2016: Completion of sponge iron investments in the 'Provincial Steel Projects' is reportedly being done with Chinese funding. This funding is understood to come from the Metallurgical Corporation of China.
  • 2016: China's CITIC Group Corporation expressed readiness in September 2016 to provide Iran with $10 billion of financing, mostly for mining sector projects.
  • 2017: Full details are awaited, but Iran's 2017 foreign investment plan for the steel sector appears to involve substantial design and manufacture of iron and steel plant and equipment in the Eshtehard Industrial Park in Alborz Province, with a particularly prominent role for Danieli (operating through Danieli Persia).
  • 2018: Ardeshir Sa'ad Mohammadi, IMIDRO deputy chairman, becomes temporary new chairman of the organisation.


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