Economy, Business And Markets

Crude Steel Output Up 5.1%

Crude Steel Output Up 5.1%Crude Steel Output Up 5.1%

Based on the latest report by the World Steel Association, Iran saw a 5.1% growth in crude steel production over the first five months of 2015 vis-à-vis the same period last year.

The increase was against a backdrop of a declining trend among the world's top  steel producers including China, South Korea, the US and Japan, IRNA reported.

According to the Iranian Mines & Mining Industries Development & Renovation Organization, Iran's crude steel production stood at seven million tons between January and May 2015. Output in the same period in 2014 was 6.6 million tons.

China, Japan and South Korea saw a 1.6, 4.4, and 5.1% decline during the 5-month period producing 340, 44, and 28 million tons respectively. Freefalling on the production ladder faster than its rivals, the US produced 33 million tons of crude steel in the first five months of the year, a decline of 8.6%.

Sixty-five countries across the globe reportedly produced more than 675 million tons of crude steel, which indicates an average drop of 1.9%. Iran ranks first in the Middle East and 14th worldwide in crude steel production.

The Ministry of Industry, Mining and Trade plans to increase steel production capacity to 18 million tons by the end of the current Iranian year that ends on March 21, 2016.