Jul 19, 2020
Iran’s Steel Production Surges despite Global Fall
2020-07-29
TEHRAN (FNA)- Iran’s steel production had a 3% growth in the quarter ending late June despite a reported drop in the global production of the metal.
According to a report by the Iranian Steel Producers Association (ISPA) on Saturday the total steel output in the country had surged in the first quarter period ending June 20 to top 7.135 million metric tons.
The surge came despite the 8.7% drop in the global metal production at the end of May which was mainly caused by spread of coronavirus disease.
Iran closed down many steel mills in early March due to the virus outbreak.
However, breakdown figures by ISPA showed that Iranian mills produced 12% more steel slabs this year compared to the March-June period in 2019 to reach a total production of 3.015 million tons.
Iran, the 10th largest global producer of steel, eyes a slight growth in annual steel production in 2020 despite a predicted plummet in the global yield due to the epidemic and also the fact that the country’s metals and mining sector remains under lingering illegal US sanctions.
Iran produced a total of 28 million tons of steel in the year ending March 2019 of which just more than a fourth (nearly 8.5 million tons) was exported to other countries.
In was announced in early May, that Iran has become the leading country in the field of producing and exporting steel in the Middle East region, media reports said.
With more than half a century experience, Iran’s steel industry is leader in the Middle East among its rivals in terms of steel production and exports, the Persian-language news outlets reported.
It is expected that Iran’s steel industry will promote its level from 10th to 7th in global arena by 2025.
According to the latest data of country’s Comprehensive Steel Plan, the Islamic Republic of Iran, Saudi Arabia, the United Arab Emirates (UAE) and Qatar are major steel producers in the Middle East region.
Statistics showed that the Islamic Republic of Iran produced about 25 million tons of steel in 2018, accounting for over 69 percent share of steel production in the region.
Iran, Saudi Arabia and the UAE, in addition to being the largest producers of steel in the Middle East region, have also the highest steel consumption volume.
The aforementioned three countries have accounted for over 70 percent share of steel consumption in the region.
Source: Farsnews
