Economy, Business And Markets

Steel Production Grows 7%

Steel Production Grows 7% Steel Production Grows 7%

Iran’s steel production exceeded 10 million tons in the first 8 months of this year, showing a 7% rise compared to the same period in 2013. Based on a report by World Steel Association, Iran produced 10.64 million tons of different steel products during the period. In August alone, the country produced 1.33 million tons which is up 3% compared to the similar one-month period in 2013. The rise in production comes despite US-led sanctions against Iran which bans the export of raw material as well as equipment for steel production. Based on the Fifth Five-Year Economic Development Plan (2011-2016), steel production should reach 55 million tons per annum, which is unlikely to materialize regarding the current production level, which has struggled to reach 20 million tons per year.