Steel Output Targets Elusive
Economy, Business And Markets

Steel Output Targets Elusive

Iran has a lot to boast about when it comes to the steel industry.
The country possesses some of the world’s largest mineral reserves with close to 2.7 billion tons of iron ore. It is blessed with the world’s largest gas reserves and enjoys a large engineering workforce.
With 16.11 million tons of steel produced in 2015, Iran is the Middle East’s largest and the world’s 14th largest steelmaker, according to statistics from World Steel Dynamics.
Nonetheless, according to the head of Iranian Mines and Mining Industries Development and Renovation Organization, China’s relentless steel dumping strategies, weak domestic demand and the ongoing recession in the construction sector have darkened the outlook for the steel industry.
“Domestic steelmakers are cutting down on production due to the prevailing recession in the market, preventing us from meeting the 18-million-ton production target by the end of the [current Iranian] year,” Karbasian was quoted as saying by Donya-e-Eqtesad.
The new Iranian year starts on March 20, 2016.
“Iranian steel mills have the capacity to easily reach the target,” Karbasian said, adding that if the issue of pellet shortage was handled through increased imports, domestic steel output could even reach 21 million tons.
However, “there is no demand for all that steel”, he added.
As part of broader objectives of the 20-Year National Vision Plan (2005-25), domestic steel output is projected to reach 55 million tons per year.

Short URL : http://goo.gl/E10dCI
  1. http://goo.gl/g3L3Az
  • http://goo.gl/BPecZW

You can also read ...

Connectivity Central to Iran-India Future Ties
Iranian President Hassan Rouhani’s recent state visit to India...
Export Billet Prices Climb Amid Higher Offers, Transactions
Iranian export billet prices went up by $5-15 per ton on an...
Nissan to Test Self-Driving Taxis
Nissan Motor Co is taking its first steps to becoming an...
Coated Steel Strip Production Jumps 42% in 10 Months
Iran’s coated steel strip output reached a record 1.26 million...
Qatar, Oman Becoming Iran's New Trade Gateways
Iran is working to curb its trade ties with the UAE, replacing...
CBI: Inflation at 9.9%
The average goods and services Consumer Price Index for urban...
Rial Gaining Ground
Rial continued its gain against the US dollar in Tehran's...
Gold Coin Auctions to Continue
Despite the fact that gold coin auctions organized by the...