Crude Steel Output Up 5.1%
Economy, Business And Markets

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.


Short URL : http://goo.gl/xJYo7F

You can also read ...

How China Became Iran’s Coziest Trade Partner?
From bilateral trade to finance contracts and civil projects,...
The economy of the Islamic Republic of Iran has been tied to political and foreign affairs developments over the years.
This is the Financial Tribune’s last edition of the current...
Iranian Banking Sector Awaits Full JCPOA Benefits
Iran’s Deputy Foreign Minister Abbas Araqchi addressed various...
President Hassan Rouhani on Sunday spoke to reporters after the last Cabinet meeting of the current year.
President Hassan Rouhani on Sunday outlined his administration...
All-Out Growth in Interbank Market
The Central Bank of Iran has released its latest data on the...
Iran has more than 37 billion tons of proven mineral reserves and 57 billion tons of potential reserves.
Iran exported more than 58.09 million tons of mineral products...