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Development of Iran’s steel industry not to stop

At the event, which was hosted by the Handelsblatt, a leading German business newspaper, the MSC chief presented a comprehensive report on the position of Iran’s steel industry in the region and around the world and touched on the future development plans of the industry, those of MSC in particular, before fielding the questions of some participants.
In response to a question on the wariness of foreign firms to make it to the Iranian market, he said over the past decade Iran has signed contracts worth billions of dollars with non-European companies, a fact which indicates that the Europeans deprived themselves of the opportunity to tap into the potential of the Iranian market.
In the past before the imposition of sanctions, European firms used to supply products to and launch most of Iran’s steel mills, but with the sanctions came a shift in demand from Europe to other suppliers and thus the European firms lost their market share here, the managing director of the steel giant said.
And in response to a question about the likely snap-back of sanctions, the MSC chief said that even in the absence of sanctions agreements contain opt-out and force majeure clauses which are designed to kick in under special circumstances. “Naturally, the Joint Comprehensive Plan of Action [the nuclear deal Iran struck with world powers in 2015] contains similar clauses. But one needs to look at the full half of the glass. As long as parties to the deal continue to honor their commitments, the reinstatement of sanction would be unlikely.”

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