Economy, Business And Markets

Steel Production at 13.5m Tons

Steel Production  at 13.5m TonsSteel Production  at 13.5m Tons

Iran’s steel production in 2014 exceeded 13.5 million tons by the end of October, demonstrating a 6.5 percent hike compared to the same period last year, announced the World Steel Association. The report said that Iran produced 13.511 million tons of steel within 10 months in 2014, compared to the 12.7 million tons produced last year. Iran was the 15th largest steel producer in the world in 2013, recording an annual production of almost 15.45 million tons. The report also noted that Iran’s steelmakers had outperformed recording a 6.6 percent hike compared to 2012 output. This new data comes despite western sanctions on Iran over its nuclear energy program, which deprived the steel industry of the latest machinery and raw material.