Domestic Economy

How Iran's Steel Exporters Will Weather Sanctions Storm?

Domestic Economy Desk
Amid slowdown in the domestic market, Iranian steelmakers are now facing the challenge of maintaining their exports amid US sanctions
How Iran's Steel Exporters Will Weather Sanctions Storm?How Iran's Steel Exporters Will Weather Sanctions Storm?

The new round of US sanctions against Iran is being felt across the entire spectrum of Iran's economic sector. One such sector is the strategic steel industry, which is currently dealing with the threat of losing its export markets—a crucial avenue through which Iran's aggressive expansion plans are being pursued.
According to Deputy Minister of Industries, Mining and Trade, and Chairman of Board of Iranian Mines & Mining Industries Development & Renovation Khodadad Gharibpour, Iranian steel industry is an export-oriented on in that the country exports more than 40% of its steel productions.
Iran aims to become the world’s sixth largest steel producer as per the 20-Year Vision Plan, which targets annual production capacity expansion to 55 million tons and 20-25 million tons of exports per year by 2025. Iranian steel mills have so far realized just over 30 million tons of the capacity target.


Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment