Name: History of IMIDRO
Creator: Steelonthenet.com
License: https://creativecommons.org/licenses/by-nc/4.0/
Keywords: History, Iranian Mines and Mining Industries Development and Renovation Organization, IMIDRO, Iran, Mehdiabad Zinc, Hormozal, iron, steel, Mehdi Karbasian, Baft Steel Complex, Shadegan Steel

History of the IMIDRO Group

IMIDRO (full name: Iranian Mines and Mining Industries Development and Renovation Organization) has grown into the 20th largest steelmaker in the world, producing 18 million tonnes of crude steel in 2022.

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.
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: Mehdi 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.
2019: Jajarm produces its first aluminum ingot.
2019: Inauguration of 800kt DRI Factory No. 1 of Baft Steel Complex.
2020: Announces plans to revive 1,000 inactive mines.
2020: Discusses cooperation in iron ore mining with Australian government.
2020: Reports good progress with revival of small-scale mines
2021: IMIDRO subsidiaries continue extensive work on mining development projects.
2022: Announces Iran-India mining sector cooperation initiative.
2022: Discovers new bauxite reserves in Iran of 17 million tonnes.
2022: Execs at subsidiary Mobarakeh Steel found to have defrauded billions of dollars.
2023: Shadegan Steel announces plan to construct 360 MW power plant.
2023: Hot test started of Iran's lead and zinc processing plant in Mehdiabad.
2024: Invites private sector firms to invest in mining exploration projects.
2024: Mohammad Aghajanlou appointed as new IMIDRO head.

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.
2019: IMIDRO's aluminum production plant at Jajarm (which lies in close vicinity to the Jajarm Alumina plant) had not been operative for the last 10 years. Facility modernisation commenced in 2006 and the plant now runs with 400 staff.
2020: According to the Iranian Ministry of Industry, Mining and Trade inactive mines in the country include 9 percent metals mines, 21 percent of decorative stones mines, 51 percent of constructional materials mines, and 15 percent of other minerals mines.
2020: According to press reports, expansion of mining cooperation between Iran and Australia was a key discussion topic in an October 2020 meeting between IMIDRO chief Khodadad Gharibpour and the Australian Ambassador to Iran Ms Lyndall Sachs. Matters relating to training, exploration, extraction, and new technologies were the main focus of the discussions.
2020: In November, IMIDRO reported that 157 idle small mines had been revived since the beginning of the current Iranian calendar year (March 2020). These mines are for chromite, manganese, hematite, and dolomite, iron ore, copper, and construction stone.
2021: IMIDRO reported in 2021 that its subsidiaries had more than $10 billion of development projects underway, and could complete these investments (centred on the steel, aluminum and copper industries) using domestic resources and funding from the capital market. The investments include development of the 1500 hectare Kashan Special Economic Zone where the plan is to produce various industrial and mining products.
2022: Mining sector cooperation plan with India is to involve collabortion between IMIDRO and the Confederation of Indian Industry. Joint efforts are to focus on exploration, technology, marketing and market development of Iran's mines and mining industries.
2022: Other Iranian mineral reserves include 977 million tonnes of iron ore, 496 million tonnes of coal, 182 tonnes of gold, 14 million tonnes of lead and 6 mt of zinc.
2022: A 296-page Iranian parliamentary report finalised in August 2022 concluded that from 2018 to 2021, senior officials at Mobarakeh Steel Company abused their positions to defraud the government and their shareholders of billions of dollars. Offenses included senior directors mismanaging unfilled and fraudulent contracts as well as orchestrating under-the-table deals with domestic automakers, wherein they profiteered from steel surpluses at below market prices.
2023: The Shadegan Steel complex, located in Khuzestan, operates a DRI production plant that was commissioned in 2017.
2024: Aghajanlou previously served as the IMIDRO deputy head and became the acting head of the organization in August 2024. He is a graduate of Materials Engineering and Metallurgy from the Technical Faculty of Tehran University.

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