TEHRAN – A consortium consisting of foreign companies and banks has invested €80 million in Iran’s Mobarakeh Steel Co.

The consortium includes a German, an Italian and an Iranian company along with a Swiss bank, the company managing director revealed on Saturday. He added that the figure is a part of the consortium’s €300 million investment in the steel plant whose agreement had been concluded six years ago.

The €80 million is to be used in improving environmental standards, upgrading the products’ quality and saving energy at the nation’s major steel production plant, Mohammad Rajaii commented.

If agreed upon later on, 25 percent of the incomes of the project will be reinvested in the company for future improvements, he stated.

The project is scheduled to be launched on Feb. 1, 2007.