Mining News -Sarzaiem added that ESCO has provided a report to the ministry on the possible sale.

The ministry’s objective for the sale, the official explained, is to reduce its footprint in businesses ownership and address ESCO’s losses and other financial woes.

Sarazeim did not elaborate on the deal, but rumors indicate that the stake put up for sale is Social Security Organization’s total stake of 55.9% in ESCO.

Together with its subsidiaries, MSC is the largest flat steel producer in the Middle East and North Africa region and Iran’s largest steelmaker, supplying 20% of the region’s steel demand and accounting for 1% of Iran’s GDP.

ESCO is Iran’s oldest steelmaker and the largest producer of structural steel. It was jointly established in 1965 by Iran and the Soviet Union’s Tyazhpromexport Company. Its steel production facilities became operational in 1972.