Northern Heavy Industries Group Co Ltd has been awarded a 670 million yuan ($108.14 million) contract by Iran Pasco Steel & Iron Corporation, the largest private steel and iron company in Iran, according to company sources.

Under the deal the Chinese company will supply 5 million tons of iron products and related auxiliary project supplies per year to Pasco, its largest-ever overseas mineral processing contract.

NHI, based in Shenyang, capital of Liaoning province, specializes in manufacturing tunnel boring machines. Company officials have said that in 2015, it will continue to focus on global expansion, particularly into Southeast Asia, South Asia, Turkey, South America and Africa. The company is currently believed to be in talks with an Indian company over a $160 million yuan deal.