Economy, Business And Markets

7-Month Steel Production at 9.64 MT, Up 3.7%

7-Month Steel Production at 9.64 MT, Up 3.7%7-Month Steel Production at 9.64 MT, Up 3.7%

Iran’s crude steel production registered a 3.7% rise to reach 9.64 million tons in the first seven months of 2015 compared to the corresponding period of last year, a report by World Steel Association reads.

Production of crude steel and steel products in the current year is expected to reach 18 million tons and 19 million tons respectively.

Iran is the top producer of steel in the region and 14th largest in the world. It is also on track to meet the goal of 55-million-ton steel production by 2025 based on the 20-Year Vision Plan.

According to the head of Iranian Mines and Mining Industries Development and Renovation Organization, the first quarter of the current Iranian year (started March 21) saw the export of around 406,000 tons of steel products worth $288 million.

Iran’s steel mostly headed to Italy, Spain, Armenia, the UAE, Azerbaijan, Afghanistan, Pakistan, Tajikistan, Thailand, Turkmenistan, Iraq, Oman, Qatar and South Korea.

Mehdi Karbasian added that exports of steel ingots stood at around 470,000 tons worth $202 million in the same period and Jordan, the UAE, Bangladesh, Pakistan, Thailand, Turkmenistan,  Turkey, Saudi Arabia, Oman and India were the main importers of this Iranian product, IRNA quoted him as saying.

“Steel companies have pledged to increase their exports to 4 million tons in the current Iranian year from last year’s 2.5 million tons,” he said.