In the intricate and high-stakes industrial geography of the Middle East and North Africa (MENA), where “steel” serves as the backbone of infrastructure development and “energy” acts as the lifeline of the economy, the name Mobarakeh Steel Group (MSC) shines as an anchor of stability. As the largest producer of flat steel in the region, MSC defines the market. However, in the shadow of this industrial titan, a sapling planted in 2007 with a humanitarian vision—to manage savings and secure the future of employees—has today grown into a dense forest of industry, commerce, and capital.

Atieh Foolad Naghsh Jahan Holdings, once solely an investment vehicle, now stands on the threshold of its third decade as a fully matured, sovereign industrial ecosystem.

This comprehensive report offers a detailed narrative of the holding’s journey—a journey from a financial entity to a multi-faceted conglomerate controlling over 30 specialized companies, employing more than 1,200 professionals, and entering the stock market. It is a story of how one company is defining new standards in “Modern Corporate Management” and serving as the strategic interface between Iranian industrial potential and the global market.

Roots and Raison D’être – Bridging Economy with Human Dignity

The narrative of Atieh Foolad is fundamentally a story of linking “Corporate Profitability” with “Social Responsibility.”

In the corporate world, few entities manage to balance the aggressive pursuit of profit with a genuine commitment to human welfare. Saeed Zarandi, CEO of Mobarakeh Steel Group, describes this holding as “the group’s strongest arm for honoring human capital.” The shareholder structure of Atieh Foolad is unique: it is comprised of over 23,000 individuals, primarily retirees and current employees of Mobarakeh Steel. This structure creates a powerful mandate that transcends typical financial balance sheets.

Abbas Akbari Mohammadi, Deputy of Investment at MSC, analyzes the company’s position: “Atieh Foolad is the brainchild of a philosophy that believes retirement is not the end of a relationship. By creating sustainable revenue streams, this holding not only brings peace of mind to shareholders’ tables but also transforms micro-capital into a flood of industrial investment.”

This hybrid business model allows Atieh Foolad to benefit simultaneously from the agility of the private sector—swift decision-making, flexibility in negotiations, and entrepreneurial spirit—and the backing of the public sector via its parent company. In times of economic turbulence or sanctions, Atieh Foolad acts as a shock absorber for shareholders and the parent industry, ensuring continuity and stability.

Production Architecture – Completing the Value Chain Puzzle

Atieh Foolad’s industrial strategy rests on one core principle: “Covering the Missing Links.” Rather than competing with its parent company in raw steel production, the holding has completed the production puzzle by entering downstream areas that require specialization, high technology, and agility—areas where mega-mills often struggle to operate efficiently.

1. Kosar Industry Pipe: The Artery of Water and Energy

In the downstream infrastructure sector, Kosar Industry Pipe Company (Navard Looleh Kosar Sanat Spadana) is the holding’s manufacturing jewel. Formed through the strategic merger of pipe manufacturing units and the coating company “Keyvan Javid,” this entity has become a powerhouse in the region.

• Capacity & Capability: With an annual production capacity of 360,000 tons of large-diameter spiral pipes, Kosar is not just a manufacturer; it is a strategic asset for national security. The plant utilizes advanced Spiral Submerged Arc Welding (SSAW) technology to produce pipes that meet rigorous international standards, including API 5L for oil and gas and AWWA for water transmission.

• Strategic Projects: Its participation in the mega-project transferring water from the Oman Sea to the Central Plateau of Iran is a testament to its capability. This project, one of the largest desalination and transfer schemes in the world, requires pipes that can withstand extreme pressures and corrosive environments.

• Integrated Coating Solutions: The integration of the coating process (formerly Keyvan Javid) means Kosar delivers a “finished” product. From 3-Layer Polyethylene (3LPE) to Fusion Bonded Epoxy (FBE), the company applies advanced anti-corrosion coatings in-house. This vertical integration reduces logistics costs, minimizes handling damage, and guarantees delivery speeds that international competitors struggle to match.

2. Establishing a Hub in the Automotive Sheet Industry

Late 2025 witnessed one of the largest merger events in the Iranian steel industry. Atieh Foolad Holdings executed a strategic consolidation by merging Taraz Steel into Chaharmahal Bakhtiari Automotive Sheet Company, forming the country’s largest hub for automotive galvanized sheet production.

• Market Dominance: This smart move raised the group’s market share for this strategic product to approximately 40%. This is not just about volume; it is about controlling the high-value segment of the market.

• The “Exposed” Quality Frontier: The sheets produced by this complex feature “Exposed” surface quality—the highest grade of galvanized steel suitable for the outer body panels of automobiles. Producing this grade requires impeccable process control and advanced technology. By achieving this, Atieh Foolad has positioned itself as a direct competitor to European and Korean producers, providing domestic carmakers with a reliable local source and opening export doors to automotive hubs in Turkey and the CIS region.

3. Securing Raw Materials and Consumables

A robust supply chain must be secure from the source. Atieh Foolad ensures upstream security through Atieh Foolad Madan Parsian. This subsidiary processes minerals to produce micronized bentonite powder and supplies essential mineral raw materials like iron ore concentrate. Additionally, the group has invested in the production of high-tech consumables such as injection wires and cored wires. These materials are critical for the secondary metallurgy process in steelmaking (ladle refining). By producing them in-house, Atieh Foolad resolves the technological needs of steelmaking units within the group and cuts dependence on foreign sources, insulating the production line from supply shocks.

Distribution and Service Network – The Capillary System of Industry

As a production giant, Mobarakeh Steel Company produces mega-coils weighing dozens of tons. However, the end-users—appliance manufacturers, construction firms, and small workshops—need specific sizes, smaller quantities, and just-in-time delivery. This gap is where Foolad Metil steps in.

By transferring Atieh Foolad’s service centers to Foolad Metil Holdings in 2024, the largest “Industrial Retail” network in Iran was consolidated. With 21 active service centers spread geographically across the country, this network functions as the capillary system of the industry.

The Service Center Concept: These centers are more than warehouses. They are processing hubs equipped with cut-to-length lines, slitting machines, and forming equipment.

• Case Study: Foolad Derakhshan Arak: This subsidiary illustrates the evolution of a service center into an advanced industrial unit. Seyed Rahman Faghir Mirnezami, CEO, notes the company’s entry into high-tech sectors such as rail wagon manufacturing and special steel structures. Producing 375 wagons in 2023 and securing new contracts demonstrates that a service center can become the engineering arm of regional industries.

• Case Study: Sahand Aghaz Steel Industries: Located in the northwest, this company acts as the external warehouse for major industries like the Tractor Manufacturing Company. Shahram Fekraneh, CEO, highlights how their precise cutting services allow clients to operate with zero inventory, realizing the “Just-in-Time” manufacturing concept.

This integrated distribution network eliminates unnecessary intermediaries, guarantees price stability in the final consumer market, and transmits vital technical feedback from micro-customers back to Mobarakeh Steel’s R&D departments.

Commercial Diplomacy – The Export Leap

In today’s globalized trade environment, production without market creation is a road to nowhere. Understanding this reality, Atieh Foolad Naghsh Jahan has officially evolved into the “Foreign Ministry of Commerce” for the Mobarakeh Steel Group.

Gholamreza Taheri, a Senior Commercial Manager at the holding, outlines the export strategy based on three pillars: “Market Diversification,” “Smart Logistics,” and “Risk Management.”

1. Global Network Structure: Presence is Power

To navigate the complexities of international sanctions and banking restrictions, Atieh Foolad has established a physical presence in key trade hubs. The holding owns and manages trading companies in:

• Dubai (UAE): The financial center of the region.

• Muscat (Oman): A strategic port for ocean access.

• Istanbul (Turkey): The bridge to Europe.

• Iraq: A high-demand market for reconstruction materials.

These offices allow Atieh Foolad to keep a pulse on the market, facilitate complex financial processes, and provide after-sales services directly at the destination. Specifically, the focus on the Turkish market and the utilization of new transit corridors has significantly reduced logistics costs, making Iranian steel more competitive.

2. Record-Breaking Statistics

The numbers speak of undeniable success:

• Managing the Flow: Atieh Foolad currently manages 20% to 30% of Mobarakeh Steel Group’s total export basket.

• Top Ranking: The company achieved Rank 1 in Exports within the Commercial Services group of the prestigious IMI-100 ranking (Iran’s Fortune 500).

• The 400% Surge: In a staggering display of growth, during the first four months of the Iranian year 1404 (early 2025), the group’s exports experienced a 400% growth compared to the same period in the previous year. This export surge is the direct result of shifting the perspective from “selling surplus” to “export-oriented production,” focusing on virgin markets in Africa and Central Asia.

The Energy Revolution – Pioneering Green Industry

Perhaps the most strategic pivot for Atieh Foolad in recent years is its powerful entry into the renewable energy sector. In a global climate where “Green Steel” is becoming a prerequisite for trade, and locally where energy imbalances are squeezing the industry, Mehr Sanat (a holding subsidiary) has emerged as a game-changer.

Mehr Sanat: The Solar Market Leader

Habib Pourhosseini, CEO of Mehr Sanat, proudly speaks of the company’s 30% share of Iran’s solar power plant market. But the company’s true masterpiece is the localization of Solar Tracker technology.

Solar trackers are advanced structures that rotate photovoltaic panels to follow the sun’s path across the sky, increasing energy generation efficiency by up to 20% compared to fixed structures. Previously, this technology was an expensive import item. Mehr Sanat has successfully reverse-engineered and optimized this technology, producing it with competitive pricing and global quality.

The 600MW Impact: The company is a key contractor in the construction of Mobarakeh Steel’s 600 MW mega-solar power plant—the largest concentrated solar power plant in the country. By executing this project and numerous others in Kerman, Isfahan, and Yazd, Atieh Foolad has transformed into the flagship of “Green Steel” enabling infrastructure in the region. This commitment sends a strong signal to international investors concerned with ESG (Environmental, Social, and Governance) criteria: Atieh Foolad is future-proof.

Financial Maturity – Entering the Glass House

Sustainable development is impossible without financial discipline and transparency. Understanding this, Atieh Foolad took a historic step in March 2025 by listing on the Tehran Stock Exchange (TSE).

Seyed Ahmad Mousavi, Financial Manager of the Holding, views this IPO as the result of precise planning and a massive capital increase to 833 billion Tomans (funded from retained earnings). Entering the stock market delivers three major achievements for the group and its partners:

1. True Value Discovery: The assets of the shareholders are priced at fair market value.

2. Liquidity: Company shares become easily tradable, breaking the liquidity lock for investors.

3. Access to Capital: The public listing enables the use of modern financial instruments, such as debt securities and project funds, to finance development without relying solely on bank loans.

The Financial Ecosystem: Alongside the holding itself, Mobin Sarmayeh Brokerage—ranked among the country’s top 5 brokerages—and the Advanced Materials Venture Capital Fund (MSTID) act as powerful financial arms. They circulate capital through the holding’s veins, supporting everything from day-to-day trading to high-risk, high-reward innovation in startups.

Organizational Excellence & Quality Assurance

Atieh Foolad deals in steel, but its language is quality. The holding’s commitment to excellence is validated by external audits and certifications.

Mehdi Aghazeinali, Deputy of Strategy, emphasizes that for Atieh Foolad, organizational excellence is not a “project” with an end date, but an “endless journey.” The holding achieved a Two-Star Excellence Commendation in its very first participation in the National Excellence Award, a rare feat that signals a deeply ingrained culture of quality. Furthermore, subsidiaries like Foolad Metil (Three-Star Commendation) and Kosar Pipe (One-Star Commendation) have mirrored this success. The implementation of the Integrated Management System (IMS) across the group ensures that quality, safety, and environmental standards are not just met, but exceeded, aligning the group’s operations with the expectations of multinational partners.

Horizon 2031 – The Architecture of the Future

Atieh Foolad Naghsh Jahan is not stopping here. Based on the newly ratified strategic document outlined by Amir-Reza Soleimani-Nasab, Investment Manager, the holding aims for an ambitious destination by Horizon 1410 (2031):

• Financial Goal: Achieving an annual net profitability of $750 million USD.

• National Standing: Securing a permanent place among Iran’s Top 100 Companies (IMI-100).

To reach this peak, the holding focuses on the 10-20-70 resource allocation rule:

• ۷۰% of resources dedicated to the core business (Steel Value Chain).

• ۲۰% allocated to adjacent high-potential areas (Logistics, Mining).

• ۱۰% invested in transformative opportunities (Tech, AI, Startups).

The main axes of this movement include Smartification (Industry 4.0), developing the clean energy portfolio, deepening domestic manufacturing, and expanding economic diplomacy to new frontiers in East Asia and Africa.

The Partner of Choice for the Next Decade

Atieh Foolad Naghsh Jahan Holdings today stands as a symbol of industrial and managerial maturity in the Middle East. It is a complex that has demonstrated how opportunities can be created from within limitations by relying on internal strength, looking toward global markets, and committing to social responsibility.

For international investors, business partners, and industrialists, Atieh Foolad is no longer just a name among names; it is a partner that speaks the language of industry, understands the rules of international trade, and is committed to a golden future.

With a complete value chain from the mine to the finished product, a robust financial structure, and a clear vision for a green future, Atieh Foolad, standing today on the shoulders of 18 years of experience, is a gateway wide open to the future of the steel industry.