Persian Gulf Saba Steel Co.

Isar Pars Steel Co. was registered in the Office of Corporate Registration and Industrial Property in Tehran with license No. 235853 on 4th of December 2004 and has started operating according to the company's Memorandum of Association, article number 2, for establishing a steel plant with the final capacity of 5.4 million tons of sponge iron along with 5.4 million tons of billets and slabs in the Persian Gulf Special Mining and Metal Industry Area based in 20 kilometers west of Bandar Abbas in Hormozgan. Having access to port, rail, road, mineral discharge and loading facilities as well as proximity to Gol Gohar as a major producer of pellets and its iron ore mines, in which iron ore and iron ore concentrate are manufactured, had made the Special Zone to the hallmarks of the region. Furthermore, availability of resources such as Electricity, gas and water are considerable advantages of the place.

The company was managed by Indian Managers who were selected by the Indian shareholder (Aria Infrastructure Holdings Limited (AIHL)) until the 29th of October, 2008.  Given the political and economic conditions, they adopted numerous decisions regarding the project's implementation and their capacity in different period of times which they all were not unfortunately implemented in practice.

The management of the company was assigned to the Civil Pension Fund Investment Company on 15th of November, 2008 and its name was changed to Persian Gulf Saba Steel Company in accordance with the approved extraordinary General Assembly dated on 22nd July, 2009.

Based on the last decision the company adopted under the name of "company's strategic plan" which was enacted by the board of directors on 20th of April, 2009 (the thirty-seventh board of directors meeting),the company has intended to construct a steel plant with a capacity of 1.5 million tons in the first phase of its project, encompassing a sponge iron production unit of 1.5 million ton capacity and a casting and melting (billet production) unit with a capacity of 1.5 million tons per year in two stages.

In September of 2009, the EPC contract for the resuscitation unit with capacity of 1.5 million tons per year for producing iron sponge briquette (HBI)) and Hot DRI charging into a melting furnace was signed with IRITEC company and since then other operations related to the activities of the first phase including the follow-up to the steel contract, has also been in progress.