Economy, Business And Markets

Sharp Steel Decline Unlikely

Sharp  Steel Decline UnlikelySharp  Steel Decline Unlikely

A board member at Iran Steel Producers Association, Bahador Ehramian, has ruled out the possibility of a dramatic fall in domestic steel production during the current Iranian year (started March 20) compared to the previous year. The official, however, predicted a moderate slide in demand and production during the period, IRNA reported. He said the steel sector is largely influenced by two major factors of global steel prices and fluctuations in domestic demand, which would in turn be influenced by a possible lifting of sanctions imposed by the West over Iran’s nuclear energy program. “Nonetheless, none of these factors is expected to hit steel production severely,” he said, suggesting that manufacturers should somehow lower production costs and hold off their expansion plans until the industry prospects stabilize.