Economy, Business And Markets

Private Sector Steel Output Tops 1.6m Tons

Private Sector Steel Output Tops 1.6m TonsPrivate Sector Steel Output Tops 1.6m Tons

Based on the latest report released by the Iranian Steel Producers Association (ISPA), the private sector produced 1,615,350 metric tons of crude steel ingots during the first ten months of the current Iranian year (March 21, 2014 - January 20, 2015).

According to the report, the ten-month production rate registered 12% growth compared with the figure for the first nine months of the year, IRNA reported.

The total steel production (including the various types of steel products) during the period reached 4.353 million tons, with steel rebar being the most manufactured product with 2.652 million tons, accounting for 60% of total steel production. More than 921,000 tons of steel sheets and 321,400 tons of iron beams were also manufactured during the period.

The report also indicated that private steelmakers recorded their highest level of steel production in the tenth month of the year (December 21- January 20) during which they manufactured 170,000 tons of steel, while the figures in the ninth and eighth months of the year stood at 168,200 tons and 169,400 tons respectively.

State-owned steelmakers, however, produced slightly more than 14 million tons of crude steel during the period, up 7.3% compared to the similar period the year earlier, during which they had produced 13.05 million tons.

The total crude steel output in the previous Iranian year (ended March 20, 2014) was over 15.6 million tons, which registered 8.8% growth compared to a year before.

Iran is currently the 14th largest steel producer in the world and is targeting to produce at least 55 million tons of crude steel by 2025 based on the 20-Year Vision Plan. In line with the policy, the administration has revived numerous stagnant projects.