Economy, Business And Markets

Crude Steel Output Up in Q1

Crude Steel Output Up in Q1Crude Steel Output Up in Q1

Iran’s production of crude steel grew 9.6% in the first quarter of 2015 as output from Mobarakeh Steel Company (MSC) increased 21% compared with the similar period a year before, IRNA quoted the MSC public relations.

The report published by the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) shows that 4.09 million tons of crude steel was produced during the period.

The MSC group, comprised of Mobarakeh Steel Company, Saba Cold-rolled Steel Plant, and Hormozgan Steel Company produced 1.91 million metric tons of crude steel during the period. The report comes as the global crude steel production reached over 400 million tons during the year’s first quarter, which shows a 1.8% decline compared to the preceding year, based on statistics provided by World Steel Association— the international trade body for the iron and steel industry.

China’s output stood at 200 million tons, down 1.7% compared with the similar period of the previous year; while Indian steelmakers produced 22.7 million tons, indicating 9.4% growth compared with the same period in 2014.

Iran is ranked as the world’s 14th producer of crude steel and is expecting to increase production capacity to 55 million tons by 2025 from the current 22 million.