Economy
Mon Aug 03, 2020 2:6
Steel Shares Nearly Half of Mineral industries’ Export Market
TEHRAN (FNA)- Steel exports account for over 45 percent of the total market share of Iran's mining and mineral industries, a senior industry official announced.

Based on the statistical tables of Iranian Steel Producers Association (ISPA), steel productions’ consumption volume in 2016 hit 19,272,000 tons but this volume decreased 23.5 percent last year (ended March 20, 2020), Deputy Minister of Industry, Mine and Trade Khodadad Gharibpour said.

He pointed out that steel industry can yield $4 billion worth of foreign currency for the country annually, the rate of which accounts for more than 45 percent exports share in mining and mineral industrial sector.

Presently, Islamic Republic of Iran ranks as 10th largest steel producer in the world, he added.

Some 27.2 million tons of steel were produced last year (ended March 19, 2020), he said, adding, “Of total 27.2 million tons of steel produced in the country last year, over 10 million tons of which was exported to target markets.”

It is expected that the country would attain at least 15 percent growth capacity building in steel industry, he added.

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.

It 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.

 

 

 

 

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