110 Steel Mills Suspend Production After Ministry Mandates Low Prices

Over the past month, 110 steel mills have suspended production after the Ministry of Industries, Mining and Trade ordered them to lower their prices, according to Reza Shahrestani, a member of the board of directors of Iran Steel Producers Association.
Noting that the closures are temporary, he said the reduction in prices of steel products comes as prices of upstream industry products considered as feed for steel mills have been on the rise, ILNA reported.
“The 110 units that have suspended production are all smelting plants. Rolling mills are in a worse condition, as they are forced to produce at a loss because of their outstanding debts to banks,” he said.