Steel products exports up 25% in 11 months yr/yr

April 15, 2020 - 16:0

TEHRAN- Iran’s export of steel products has risen 25 percent during an 11-month period ended on February 19, compared to the same time span in the previous year, Fars news agency reported.

The country’s production of these products has also witnessed a growth of seven percent during the mentioned 11 months.

The export of Iran’s steel ingot in the said time span has risen 42 percent as well to stand at 6.3 million tons, the same report confirmed.

Iranian major steel companies have produced over 18.5 million tons of steel ingots during the 11-month period, registering a four-percent growth from the figure for the same period in the previous year.

As Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) has announced, Iran’s annual steel ingot production is planned to increase 3.2 million tons in the current Iranian calendar year, which began on March 20.

IMIDRO, Iran’s largest metals and mining holding, has put the value of the projects to boost the steel ingot output in the present year at $793 million.

Iran has defined 16 development projects in the steel sector which are aimed to boost the country’s output of steel products by 17.3 million tons in a course of five years.

These projects are for constructing production units each with the capacity of 600,000 tons, while some other projects have been also defined to set up some units with under 500,000-ton capacity that together with the 600,000-ton capacity units will add 19.1 million tons to the country’s annual steel products output.

In its latest report, the World Steel Association (WSA) has announced that Iran’s crude steel production increased by 30 percent in 2019 while the average global growth in this sector stood at 3.5 percent.

Based on the WSA report, Iran produced 31.9 million tons of the mentioned commodity during 2019 compared to the last year’s nearly 24 million tons.

MA/MA

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