August 31, The Iran Project – Indian, Russian, Chinese, and European companies are intensely competing to export steel to Iran.

Reportedly, Russia's largest steel pipe maker TMK, India’s Jindal Steel & Power Ltd. and other Asian and European companies, which faced with reduced sales and increased production due to a drop in oil prices, have eyed Iran’s growing market during the post-sanctions era.

An Indian economic expert and activist pointed out that the removal of international sanctions against Tehran and Iran’s attempt to invest in the infrastructures have provided proper opportunity for the country’s steel sector.

Referring to the increased steel production capacity in different countries, he said due to the drop in energy prices and investment in this sector, steel producers around the world, including Russia, Turkey and many countries have turned their attention to sell steel to Iran.

He went on to say that Indian Prime Minister Narendra Modi’s recent visit to Tehran made Iran to further trust India and this can be a good basis for the development of the two countries’ relations.

Heading a high-ranking delegation, Indian Prime Minister Narendra Modi made a two-day visit to Iran on May 22 to boost economic and political ties with Tehran.

India and Iran inked a dozen agreements ranging from a contract to develop the strategic Chahabar port to an initial pact to set up an aluminium plant and one on laying a railway line to give India access to Afghanistan and Central Asia.