Outotec

"Outotec has agreed with National Iranian Copper Industries Company (NICICO) on the delivery of two sulfuric acid plants for the Sarcheshmeh and Khatoon Abad copper smelters in the Kerman province in Iran. The value of the orders, approximately EUR 50 million, has been covered by a confirmed Letter of Credit and booked in Outotec's Q4/2016 order intake. Outotec's scope of delivery includes engineering, main process equipment and instrumentation for the acid plants as well as spare parts and supervisory services for installation and commissioning. Outotec's deliveries will take place in mid-2018." (Outotec Website, "Outotec to Deliver Two Sulfuric Acid Plants to Iran," 1/18/2017).  (http://www.outotec.com/en/Media/News/2017/Outotec-to-deliver-two-sulfuric-acid-plants-to-Iran/)

"The executive vice president of the Finnish Outotec sees the prospect of relationships with Iranian companies in the field of mineral industry. The Finnish company has been present in the Iranian market as of the 1970s and today, ties with Iranian companies is strengthening, Adel Hattab told the Tehran Times. Outotec Oyj is a Finland-based company active within the mineral industry, providing process solutions, technologies, and services for the mining and metallurgical industries. “We have been here working in Iran since 1976. We are working within the steel and copper value chain. We look forward to working the within zinc, aluminum, gold and many other commodities,” he said." (Tehran Times, "Finnish Outotec Oyj sees ties with Iran solidifying," 11/22/2016). (http://www.tehrantimes.com/news/408467/Finnish-Outotec-Oyj-sees-ties-with-Iran-solidifying)

In 2018 Outotec was listed on the Texas Comptroller List of Companies Engaging in Scrutinized Business Operations in Iran.     (https://web.archive.org/web/20180304055352/https://comptroller.texas.gov/purchasing/docs/anti-bds.pdf)

In 2018 the U.S. state of Iowa listed Outotec as an Iran restricted company rendering Outotec ineligible for investment and/or state contracting. (https://www.ipers.org/sites/default/files/media/2017%2009%20Iran%20Prohibited%20Companies%20List%2009-30-17.pdf)

Its business started to normalise after the 2015 nuclear deal with Iran, helping Outotec to book orders from National Iranian Copper Industries Company (NICICO) and Iran International Engineering Company (IRITEC).

"Finnish company Outotec has been awarded a contract by Shangdong Province Metallurgical Engineering Co., known as SDM, for the delivery of process equipment to the Iron Concentrate Project Sangan in northeastern Iran. The Iranian Mines and Mining Industries Development and Renovation Organization owns the Sangan mines and SDM is their engineering partner. The contract value is approximately €10 million and the order has been booked in Outotec's 2016 second quarter order intake...The new iron processing plant will process annually 5 million tons of ore. The equipment will be delivered mostly during the second quarter of 2017." (Financial Tribune, "Finnish Firm to Supply Process Equipment to Iran Mine," 7/28/2016) (http://financialtribune.com/articles/economy-business-and-markets/46457/finnish-firm-supply-process-equipment-iran-mine)

In 2017, CalSTRS designated Outotec OYJ as “Under Review” for potentially having ties to Iran. In 2018, CalSTRS removed Outotec OYJ after reviewing the company’s business with Iran and internal controls to prevent sanction violations. (https://www.calstrs.com/sites/main/files/file-attachments/calstrs_investment_reports_2018.pdf)

Outotec reportedly participating in the Iran Mines & Mining Industries Summit, being held in Tehran May 31-June 1, 2015. (IMIS Website, “List of companies participating in IMIS”) (http://www.imis2015.com/index.php/list-of-companies-approved-their-participation.html)

Outotec and Outotec Engineering are listed as attendees at the Iranian Base Metals Conference that took place from September 6-7, 2016 in Tehran, Iran. (Iranian Base Metals Conference Attendees, 2016). (http://www.metalbulletin.com/events/iranian-base-metals-conference/attendees.html)

"Finland's engineering group Outotec has been awarded a contract for the delivery of technology to set up a new iron ore beneficiation plant in northeast Iran, the company says. The plant owned by Khorasan Steel Complex Co will have a capacity to produce 2.5 million metric tons of pellet feed grade iron ore concentrate per year, expected to be commissioned in 2017. Under an order worth 45 million euros by Iran International Engineering Company (IRITEC), Outotec will provide process technology for 'a complete beneficiation plant and an entire value chain from raw material testing, process development to concentration and dewatering'. The company will be also responsible for basic engineering, and supply of key process equipment, as well as advisory services for detail engineering, construction and commissioning, Outotec said. 'This order is another significant milestone for Outotec in the quickly developing Iranian iron and steel industry,' Kalle Härkki, head of Outotec's Minerals Processing business area, said. The order is similar to one awarded by Bafgh Mineral Complex Iron and Steel Industry Company to Outotec in June to establish an iron ore pelletizing plant in Iran's central Yazd province." (Press TV, "Finland’s Outotec wins Iran iron ore deal," 9/3/2015)   (http://t.uani.com/1N5rWLI)

"Deputy Ministry of Industry, Mines and Trade Mehdi Karbasian said many European companies lost the chance of cooperation with Iran in the past but now Iran's mines and mining industry enjoys a high quality of which foreign companies can take advantage. Speaking in a meeting with Thomas Schwalm, deputy of the Finnish-German Outotec Company, Karbasian said establishment of Outotec representative office in Iran will facilitate technical and economic relations of the two sides... During the meeting Thomas Schwalm announced readiness of his company to supply Iran's mines and mining industry projects with the required technology." (IRNA, "Iranian mines, mining industry suitable for foreign companies," 12/5/14)  (http://www.irna.ir/en/News/81414834/)

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"Outotec has been selected by Gol-E-Gohar Mining & Industrial Co. to design and provide technology for an iron ore pelletizing plant located in the Kerman province of Iran. The plant's annual capacity is approximately five million tonnes iron ore pellets. Outotec's scope of delivery includes technology for a traveling grate pelletizing plant, engineering, key process equipment and advisory services. A local contractor will be responsible for civil works and local supply. The value of equivalent deliveries for comparable plant sizes is approximately EUR 80-85 million." (Reuters, "Press Release: Outotec to deliver iron ore pelletizing technology to Gol-E-Gohar, Iran," 4/18/12) (http://www.reuters.com/article/2012/04/18/idUS84152+18-Apr-2012+HUG20120418)

In 2017 the U.S. state of California listed Outotec as a company under review for providing products and expertise for copper smelting in Iran. (https://www.calstrs.com/sites/main/files/file-attachments/calstrs_investment_reports_2017.pdf)

"Finnish mining technology company Outotec is yet to decide on leaving the Iranian market, the company's Tehran office announced." 5/30/2018.  (https://financialtribune.com/articles/economy-business-and-markets/87396/outotec-no-decision-to-leave-iran)

"Finnish mining technology company Outotec will pull out of Iran due to the new U.S. sanctions, a company spokeswoman said on Monday.

The latest sanctions against Iran follow U.S. President Donald Trump’s decision to pull out of the nuclear deal with Tehran. The new sanctions have forced companies across Europe to reconsider their investments there." (Reuters, "Mining tech firm Outotec to pull out of Iran -spokeswoman," 9/24/18) (https://www.reuters.com/article/outotec-iran/update-1-mining-tech-firm-outotec-to-pull-out-of-iran-spokeswoman-idUSL8N1WA2W8)

"Finnish mining technology company Outotec signed a deal with Iranian Mines and Mining Industries Development and Renovation (IMIDRO) worth €9.3 million to transfer Nepheline syenite production technology. The deal was signed on Saturday and the technology will be transferred over the course of eight months, Iran's IRNA news agency reported on November 23. The industrial use of Nepheline syenite includes refractories, glass making, ceramics and, in pigments and fillers. It is also used as construction facade, interior wall texture, and countertops. The project is aimed to produce 200,000 tons of alumina powder and 150,000 tons of industrial salts per year. Iran needs around 800,000 tons of alumina powder annually." (Trend, "Iran’s IMIDRO signs €9.3M deal with Outotec," 11/23/14)  (http://en.trend.az/iran/business/2336083.html)

Outotec, which builds plants, makes equipment and offers services for the metal and mineral processing industries, has a long history in Iran and it remained in the market after the United States instituted sanctions against Iran in 2010.

Finnish mining technology company Outotec expects order intake from Iran to slow after U.S. President Donald Trump’s order to reimpose sanctions on Tehran, the company’s finance chief said on Thursday.CFO Jari Algars told Reuters by email that, if project financing was not available, future orders would decline: “Reinstating the sanctions would not stop business, but it will complicate it and slow it down.” Asked if Outotec was considering leaving the market, Algars said it was “too early to say”. During the sanctions, Outotec made so-called “stop and go” deals in Iran, where it was paid in increments and delivered accordingly, Algars said." (5/17/2018) (https://www.reuters.com/article/iran-nuclear-europe-outotec/mining-tech-firm-outotec-expects-fewer-orders-from-iran-idUSL5N1SM6QR)

"Finland's engineering group Outotec has won an order for design and delivery of technology and services for an iron ore pelletizing plant in Iran, the company has said. Bafgh Mineral Complex Iron and Steel Industry Company in Iran's central Yazd province has awarded Outotec as part of its greenfield investment program to build a new plant to produce 5 million metric tons of iron ore pellets a year. Outotec said the parties have agreed not to disclose the contract value but such projects normally range between $87-$109 million, depending on scope and specification. The Finnish group said its work in the project includes providing the technology license, basic engineering of the pelletizing plant, detailed engineering and supply of proprietary and key equipment and automation, as well as advisory site services for installation, commissioning and start-up. The company said the new plant is expected to become operational in 2018. Platts quoted head of Outotec's Europe, Middle East and Africa region Adel Hattab as saying that the company's pelletizing technology was selected due to its strong track record in Iran. 'Our technologies are widely used in the Iranian iron ore and copper operations, as Outotec has delivered sustainable technologies to Iran since 1970s,' he said. Hattab said Outotec was currently executing several other projects in Iran." (Press TV, "Finland Firm Wins Iran Pelletizing Project", 6/6/15) (http://www.presstv.ir/Detail/2015/06/06/414575/iran-finland-mining-bafgh-)

"Outotec has been awarded multiple orders, worth a total of Eur265 million ($326 million), for technology deliveries to National Iranian Copper Industries Co.'s copper and molybdenum projects in Iran, the Finnish engineering group said Tuesday.Outotec will deliver technology and services to NICICO's Khatoon Abad copper smelter, Miduk copper concentrator expansion, Nowchun copper and molybdenum concentrator and Sarcheshmeh copper concentrator expansion. Outotec 'makes thorough examinations and works closely with the concerned authorities to ensure that its activities and technology deliveries are compliant with the restrictive measures against Iran,' the company said. In anticipation of possible future changes in the regulatory framework, the orders will be booked in Outotec's order backlog gradually during 2012-16 according to each year's overall progress of the particular project. Around Eur58 million of these contracts will be booked in Outotec's third-quarter order intake with the revenues recognized gradually during 2012-16, the company said." (Platts, "Finland's Outotec gets orders for Iran copper/molybdenum projects," 7/10/12) (http://www.platts.com/RSSFeedDetailedNews/RSSFeed/Metals/8492431)

In 2019 Outotec was removed from the Texas Comptroller List of Companies Engaging in Scrutinized Business Operations in Iran.   (https://comptroller.texas.gov/purchasing/publications/divestment.php)

Outotec was removed from the May 15, 2019 Iowa Public Employees' Retirement System Iran Prohibited Companies List. (https://www.ipers.org/sites/default/files/IPERS%27%20Iran%20Prohibited%20Companies%202Q19%20-%20REVISED.pdf)