Economy, Business And Markets

Crude Steel Output Up

Crude Steel Output UpCrude Steel Output Up

More than 2.84 million tons of crude steel were produced domestically during the first two months of the current Iranian year (March 21- May 21, 2015), nearly 2,000 tons more than production in the similar period of previous year. Crude steel production in the second month of the current year (April 21- May 21) stood at 1.457 million tons, up by 2% compared to the similar period of the previous year, Foolad-News reported. This is while global steel production declined 1.7% in the first 4 months of 2015 compared to last year as production decreased in 32 countries including China, Japan, Qatar, Saudi Arabia, Argentina, the US, Canada, Mexico and Turkey. China’s reduced steel output and demand, slowdown in global demand for steel products in various sectors including construction as well as a sharp fall in global prices of iron ore and coal are seen as the major causes of decline in global steel production and prices.