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It's reported that China Nonferrous Metal Industry's Foreign Engineering & Construction Co. said that the company has signed an agreement valued US$712 million with Iranian Butia Steel to establish a steel plant in Iran.Under the agreement, the Chinese firm will offer engineering design, construction and training services for Butia Steel.Meanwhile, the designed annual production for the new plant will be at around 2 million tons of sponge iron and 1.5 million tons of steel billets