The reserves were discovered recently at a depth of 1,500 km, Mohammad Reza Alamdar-Yazdi told a news conference in Yazd on Saturday.

ESCO exported 476,000 tonnes of steel worth $200 million in the period, mostly to Oman, the UAE, Jordan and Egypt in the four months since March 20.

The complex developed by Khatam-al Anbiya Construction Headquarters will convert pellets made from iron ore into sponge iron, using the indigenized PERED method.

According to a document cited in the European media, the European Commission is proposing duties of up to 23 percent for steel from Iran's Mobarakeh Steel Co.

The exclusive ferroalloys distribution agreement with Iran Ferroalloys Industries Company would give Eusider “the right space to market” Iranian ferroalloys, the company said.

The purchase raised MSC’s stake in Mines and Metals Development Investment Co. (MMDIC) to 35.4%, media reports said on Saturday.

KSC exported 1.9 million tonnes of billet and slab in the Iranian year which ended on March 20, posting a historical record for Iran's steel industry.

Germany has urged the European Union to consider filing a complaint with the WTO against the US.

Eurofer said last week that Iranian exports to Europe had leapt to more than 1 million tonnes annually and that the EU was investigating alleged dumping.

Figures show that Iran’s exports of steel to Europe have increased by about eight times over the past three years and that the country is now the third largest exporter to the EU after China and India.