Economy, Domestic Economy

Steel, Iran’s 4th Biggest Export Commodity

Steel, Iran’s 4th Biggest Export CommoditySteel, Iran’s 4th Biggest Export Commodity

About 2.8 million tons of steel and its products valued at $763 million were exported from March to December 2015, which makes the metal Iran’s fourth biggest exported commodity during the period.

Trade Promotion Organization of Iran’s data showed 1.17 million tons of crude steel and 1.66 million tons of steel products were exported during the period, indicating a 47% and 6% growth compared with last year’s corresponding period respectively, IRNA reported.

The growth in exports is mainly due to the cooling demand in the domestic construction sector, which prompted producers to look overseas.

Iran is currently the world’s 14th largest steel producer and is planning to increase its annual output to 55 million tons based on the 20-Year Vision Plan (2005-25).