Düsseldorf, Germany — Japan Steel Works Ltd. sees significant potential in the Iranian extrusion market with the lifting of nuclear sanctions on the country, and plans a seminar there in early 2017 to kick off its effort.
Tokyo-based JSW announced the seminar just ahead of K 2016, and company executives said in an interview at the show that they see a lot of interest from potential customers, even if access to financing in Iran remains a hurdle.
Miki Wakayama, general manager of JSW's plastics machinery sales department, said JSW has a historically strong relationship with Iran, with about a 50 percent market share for extruders for polyolefins.
After the sanctions took effect a decade ago, that business fell dramatically. But JSW was able to continue to sell spare parts, provide support and maintain communication with the market, in accordance with United Nations sanctions and Japanese government rules, she said.
“Of course we have suffered from the sanctions,” said Tadashi Gion, JSW assistant sales manager. “We were prohibited to export some critical parts of the main body of the extruder.”
Now, with the financial sanctions being lifted and long-term potential in Iran its 80 million people, the company said there is interest from the market to expand its plastics industry and find higher-value uses for its oil and gas.