The success story


More than 25 years ago the Iranian AHWAZ STEEL COMPLEX (ASCO), renamed later as KHOUZESTAN STEEL COMPANY, had the intention of establishing an offshore company to handle their foreign purchase of spare parts and machinery. 

As a result, in October 1990, ASCOTEC GmbH was founded in Düsseldorf / Germany with an initial capital investment of 100.000 Deutsche Mark to serve this duty.

Due to its strategic business location Düsseldorf was chosen for the establishment of this important company.

The copmany expanded rapidly and added several fields of activity to its scope of service. Thus, ASCOTEC Group's activities comprises

  • Supply & Procurement
  • Steel & Raw Material Trading
  • Engineering
  • Investment & Finance
  • Know-How Transfer
  • Development and Empowerment of the Steel Industry

In line with this great expansion, numerous companies were established in different parts of the world: Germany, Iran, Japan, Italy, Kuwait and China. 

And ASCOTEC GmbH became ASCOTEC Holding GmbH.

Today, all shares of ASCOTEC Holding GmbH belong to IMIDRO (Iranian Mines and Mining Industries Development and Rennovation Organization) which is a sub-division of the Iranian Ministry of Industry, Mine & Trade.

Due to the volume of its business, the variety of its projects and the value of its assets, ASCOTEC Group is proud to be considered the largest Iranian offshore company.

An average annual group turnover of 500 Mio EUR, over 50 realized and running projects, an equity of 110 Mio EUR as well as nearly 1 billion EUR of assets, has resulted in ASCOTEC  becoming a well known brand throughout the whole steel industry.

This successful history created a solid base for a prosperous future.