SEOUL Hyundai Precision and Industry will set up a steel container company and factory in Iran jointly with Iran's state-run Shipping Company, IRISL-Islamic Republic of Iran's Shipping Line and steel company ISINCO. Construction of the joint venture factory, to produce 20,000 TEU (twenty-ft equivalent unit) containers, will be completed by July next year. IRISL and ISINCO will each have a 41-percent stake and Hyundai 18 percent in the project involving an investment of $15 million.

(IRNA-Asia Pulse)