Iran International reported that the Tehran Stock Exchange has suspended Iran’s largest steel maker Mobarakeh Steel Company following a scathing parliament report about an alleged USD 3 billion corruption case. Tehran Stock Exchange CEO Mr Mahmoud Goudarzi said that “Trading of the company’s stocks has been suspended and will not resume until further information on the company's financial affairs become clear.”The report which was released last week has revealed massive corruption and mismanagement in Mobarakeh Steel Company. According to the parliament's report, the company's revenues amounted to nearly 15% of the country’s budget last year. The over 250-page report says Mobarakeh Steel Company paid astronomical sums of money to various government entities including the Revolutionary Guard, ministry of intelligence, police, state broadcaster IRIB, Friday prayer imam’s offices, religious seminaries, and bribed others such as certain media outlets, individuals, and social media influencers. Parliament’s investigative report, covering the period 2018-2021, accuses officials of the administration of former President Mr Hassan Rouhani, including vice-president Mr Es’haq Jahangiri, former Vice-President Mr Mohammad Nahavandian, and others for using their influence in appointing top officials of the company including its board members.The report also claims that during the previous administration, the company granted contracts to family members of government officials and influential politicians.With an estimated value of nearly IRR 2,940 trillion (USD 10 billion), Mobarakeh Steel is the second largest company in Tehran Stock Exchange. The company which has a share of around 1% in Iran's GDP employes around 350,000 people directly and indirectly and feeds over 2,800 other large and small enterprises across the country. Mobarakeh Steel is nominally private, but it is a quasi-governmental company with most of its shares owned by the Mines and Mineral Industries Development and Renovation Organization, various private and public joint stock companies, and quasi-state banks. The company's management is appointed by the government. Semi-Public, Khosoulati in Persian, is a term coined by fusing the Persian words for private and public, and refers to companies that are sold to the private sector on the surface, but are owned by the government, IRGC entities, or entities under the control of the supreme Leader in reality.Mobarakeh Steel Company, located 65 km south west of Esfahan near the city of Mobarakeh in Esfahan Province of Iran is the largest steel maker in Middle East & Northern Africa region. It was commissioned after the Iranian Revolution in 1979 and initiated operations during 1993. It underwent major revamping during year 2000, and is scheduled for a second and third revamping in 2009–2010, bringing the total steel output to 7.2 million tonne per year. Mobarakeh Steel Company 's iron ore comes from mines in Golgohar & Chadermaloo in Kerman & Yazd provinces. Mobarakeh Steel Company s products consist of hot and cold rolled sheets and coils, pickled coils, narrow strip coil, tinplate sheet and coil galvanized coil, pre painted coil and slab.