Although in early May last year, the U.S. imposed new sanctions on Iran targeting the country’s metals sector, the report released by World Steel Association (WSA) and also Iranian organizations indicate that not only did not the new round of sanctions hinder Iranian steel sector, this industry has preserved its growth trend as well.

A recent report released by the World Steel Association (WSA) shows that Iran’s crude steel output has increased 46.7 percent in January while the global average growth rate stood at 2.1 percent.

The report indicates that Iran has produced 2.895 million tons of crude steel in January of this year, which was 46.7 percent more than 1.971 million tons of product produced in January 2019.

WSA has also announced that Iran’s crude steel production climbed 30 percent in 2019 while the average global growth in this sector stood at 3.5 percent.

Based on a previous report by the global organization, Iran produced 31.9 million tons of crude steel in 2019, while the figure was 24 million tons in 2018.

The data and reports released by Iranian organizations also show that the country’s steel sector is still experiencing growth in output and export.

The latest data released by Iranian Industry, Mining and Trade Ministry indicate that crude steel output during the first ten months of the current Iranian calendar year (March 21, 2019 – January 20, 2020) has risen 2.42 percent compared to the same period of time in the previous year.

Meanwhile, the country’s steel products output stood at 11.27 million tons during the ten-month period of this year, jumping 97 percent from that of the same time span in the past year.

In terms of exports, the country has exported 5.884 million tons of steel during the first ten months of the current year, rising 25 percent year on year.

The ten-month steel products export has also increased 45 percent to 4.4 million tons.

While domestic steel sector is booming despite the sanctions, Iran’s annual crude steel production has been planned to rise five million tons to 30 million tons, while the export is expected to hit six million tons by the end of the current Iranian calendar year (March 19).

To curb the effects of sanctions in the steel industry, the country resolves to benefit from domestic potential and capability.

Last month, the head of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) announced that memorandums of understanding worth five trillion rials (about $119 million) have been signed on indigenizing equipment and technology in steel industry of the country in the current Iranian calendar year.

Making the remarks in a meeting with the board members of Iranian Steel Producers Association, Khodadad Gharibpour said promotion of indigenizing is one of the major orders of the country’s senior officials and in this due the steel producing companies should focus more on indigenizing and supplying their requirements through domestic production.