Economy, Business And Markets

Iran World’s 2nd Largest DRI Producer in 2017

Iran World’s 2nd Largest DRI Producer in 2017Iran World’s 2nd Largest DRI Producer in 2017

Iran became the world’s second largest direct-reduced iron producer in 2017 by producing 20.5 million tons of the steelmaking material, up 28.3% year-on-year, the latest data by World Steel Association. Also called sponge iron, DRI is produced from the direct reduction of iron ore to iron by a reducing gas made from natural gas or coal. It is most commonly made into steel using electric arc furnaces. About 70-75% of Iranian mills use EAFs. The Islamic Republic trailed India in DRI output, as it produced 25.8 million tons in 2017, down 4.2% YOY. The world’s 14 DRI producing countries produced a total of 72.77 million tons of the material to post a 9.2% YOY growth. The countries, who accounted for approximately 85% of global DRI output, were India, Iran, Egypt, Saudi Arabia, the UAE, Qatar, Canada, Argentina, Mexico, South Africa, Libya, Peru, Venezuela and Trinidad and Tobago. Iran ended 2017 as the world’s 13th largest steelmaker with a total output of 21.72 million tons, up 21.4% YOY. Also, the world’s 66 steelmakers produced 1.67 billion tons of steel last year, up 5.6% YOY.

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