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How Sanctions Are Affecting Iran's Steel Industry?

How Sanctions Are Affecting Iran's Steel Industry? How Sanctions Are Affecting Iran's Steel Industry?

Currently, Iran’s steel production capacity stands at 34 million tons per year, according to Deputy Minister of Industries, Mining and Trade, Jafar Sargheini.

Iran aims to become the world’s sixth largest steel producer as per the 20-Year Vision Plan, which targets annual production capacity of 55 million tons and 20-25 million tons of exports per year by 2025.

"Annual exports stand at $1.6 billion per year, providing the country with precious value-added," the Iranian official told Mehr News Agency.

The latest report of World Steel Association shows Iranian steel mills produced a total of 20.6 million tons of crude steel during the first 10 months of 2018, up 19% compared with last year’s corresponding period. Iran’s October steel output grew 10.6% year-on-year to hit 2.07 million tons. The Middle Eastern nation has been ranked the world’s 11th biggest steel producer during the period under Worldsteel's review. The country is placed between Italy (10th) with 20.61 million tons and Taiwan (12th) with 19.24 million tons.

Iran’s crude steel output stood at 21.23 million tons in 2017, Worldsteel announced, up 21.4% YOY.

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