IMIDRO plans to complete the Artavil sponge iron project by next year

According to IMIDRO's public relations, Mohammad-Masoud Samiei Nejad, during a visit to
Artavil Iron and Steel Complex, thanked the officials of Ardabil province for helping to facilitate
the investment in the construction of the sponge iron plant and noted: From February 4th, the
progress plan of this project will be received from the officials of the complex and along with
IMIDRO's projects will be monitored monthly.

He added: We have requested the Privatization Organization to increase the capital of the
shareholders of this project so that part of its required resources can be provided.