Tehran – Iran’s steel industry recorded nearly $3 billion in exports during the first five months of the year, a 10 percent increase from the same period last year, the Iranian Steel Producers Association said.

The volume of iron and steel exports rose 17 percent, equal to 796,000 tons, reversing a decline seen in the first quarter.

Exports of iron ore concentrate jumped 80 percent year-on-year, raising concerns among steelmakers over reduced domestic supply.

In contrast, exports of long steel products continued to fall sharply. Rebar, which accounted for more than 85 percent of long product exports last year, dropped 31 percent over the five-month period.

Meanwhile, a stronger export strategy by Mobarakeh Steel Group companies, including the main plant and Chaharmahal and Bakhtiari Automotive Sheet, boosted foreign currency revenues by $122 million from flat steel products. Their total exports reached $216 million in the same period.

EF/MA