Iran steel output up nearly 10% y/y in Jan-July: Report

Iran has recorded nearly 10% increase in its steel output in the seven months since the start of this year, according to a report citing figures by the World Steel Association (WSA).

The Wednesday report by Iran’s state-run metals conglomerate IMIDRO said that steel production in the country had reached a total of 17.8 million metric tons from the start of January to the end of July.

The report said the output shows a 9.9% increase compared to figures recorded in the similar seven months to July 2020.

Citing WSA data on the global steel output, the report said that Iran had kept its position as the 10th largest producer of steel in the world this year.

Global output rose by 12.4%$ year on year in July to a more than 1.165 billion tons, showed WSA figures.

Iran’s steel output target of 55 mpta well within reach: Report

An estimate shows Iran’s 2025 steel output target of 55 mpta is well within the country’s reach.

China remained the top steel producer in the world as the country was responsible for more than half of the global production between January and July at over 649 million tons. India, Japan, the United States and Russia followed China in the ranking with productions ranging from 68 million tons to around 45 million tons.

Iran’s output figures were more promising in July as mills in the country churned out 2.6 million tons of steel, up 9% against July 2020. That comes as global production rose by 3.3% to 161.7 million tons, according to WSA figures.

Iran has encouraged more activity in its metals and mining sector in recent years as it seeks to increase exports revenues to offset losses suffered in crude sales because of American sanctions.

Government figures shows expansion plans implemented in the mining sector has also helped boost jobs for Iran’s youth population.

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