The story
Khouzestan Steel Company was established on April 1, 2018, as the first complex for direct reduction and electric arc furnace steel production in Iran. However, its inauguration took place in 1989 by Ali Khamenei (the then President).
Khouzestan Steel, along with HEPCO, Ahvaz Rolling Mills Co., Shahin Rolling Mills, Shahdad Rolling Mills, Shahrokh Rolling Mills, Khouzestan Metal Industries Complex, Shahbaz Factory, and many other mines in Iran, such as the Sarcheshmeh copper mine, belonged to the Rezaei brothers before the Iranian Revolution. They were confiscated after the revolution and subsequently came under government control.
From Wikipedia’s article on Khouzestan Steel Company, shared under CC BY-SA 4.0.4