Steel industry strengthens Iran’s economy

Steel industry strengthens Iran’s economy

Tehran, Iran, May 4

By Temkin Jafarov, Mehdi Sepahvand - Trend:

One of the major factors taken into account when evaluating a country's growth is its steel industry; and Iran enjoys good capacities in that area, Member of the Tehran Chamber of Commerce Mehdi Zohrevahndi told Trend May 3.

Iran has very good mines and there are many steel factories in the country, Zohrevandi said. "A company is good which can have good export," he said.

Iran's annual crude steel production hit 16 million metric tons in the previous Iranian calendar year (ended March 20, 2015).

Iran exported about $366 million irone ore (decreased 54.4 percent Y/Y) as well as above $2 billion worth of steel, iron and cast iron products, while imported $3.34 billion worth of iron and cast iron products during last fiscal year, ended on March 20, according to custom statistics.

The World Steel Association's statistics indicate that Iran produced 1,366 thousand tons, 1,409 thousand tons, and 1,315 thousand tons of steel from January to March.

Iran's steel production level increased from 7,869 thousand tons in 2003 to 15,422 thousand tons in 2013, according to Association's statistics.

Iran's official statistics indicate that the country's steel production increased by 7.4 percent to 16,805 thousand tons during the last fiscal year.

China is currently busy launching seven major steel projects in Iran.

The Managing Director of Esfahan Mobarakeh Steel Company Bahram Sobhani said that Iran is currently the world's 15th biggest producer of steel, but once the projects underway come on stream, the country will become the world's twelfth producer.

Zohrevandi further pointed out that both government and the private sector have a hand in the steel industry, asserting that both of these sections in Iran are making attempt to boost the steel industry.

Sanctions have created problems, which is a serious issue. Zohrevandi said. However, the country is expecting the removal of the sanctions after a comprehensive agreement on its nuclear program with the group P5+1 (the US, UK, France, Russia, China, and Germany), which is to be reached by June 30.

Edited by CN

Mehdi Sepahvand is Trend Agency's journalist in Iran, follow him on Twitter:@mehdisepahvand

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