Ecofer strikes gold with deal in Iran
Ecofer, the Finnish engineering and steel industry supplier will deliver a slag processing unit to an Iranian steel producer in a considerable deal for Finnish engineering.
The build-operate-transfer (BOT) contract is expected to generate 200 million US dollars to Ecofer over its lifecycle and will see the Finnish slag handling expert design, build, operate and maintain a slag processing unit for an Iranian steel producer.
The new unit should be operational in late 2017 and in the first phase, Fe-metals will be separated from the slag with the leftovers sold to the cement industry. In the second phase of the process, it’s possible to separate other valuable chemical elements from the slag, such as vanadium.
For this end, Ecofer is looking for funding of one million euros for their unique pilot method for enriching vanadium, which is being developed in Finland. The total market value of enriched vanadium is around four billion US dollars a year. In addition, Ecofer looks for nine million euros in funding for the project in general.
“It’s great to get your foot in the door in Iran,” says Virve Walander, CEO of Ecofer. “A success opens doors to the whole Middle Eastern steel industry and generates work for years to come. This will bring a substantial cashflow and significantly support the Finnish engineering industry.”
Ecofer’s slag processing units are usually designed and manufactured in Finland.