Iran to increase steel production by 10 percent

Business Materials 16 April 2019 12:39 (UTC +04:00)

Tehran, Iran, April 16


Iranian Steel Producers Association estimates a 10-percent increase in Iran`s steel production.

“Given the saturated domestic market, the 10-percent production surplus should be exported,” a board member of the Iranian Steel Producers Association, Bahador Ahramian told Trend.

“We are expecting to export 14 million tons this year,” he said.

Pointing to the restrictions on Iran`s financial relations due to US sanctions, he said the Central Bank and the government should facilitate the transfer of currency.

“Otherwise, exporters will face serious problems, and the surplus of production will not be possible to export,” he noted.

Answering the question about CBI`s promise to provide financial and banking facilities to the Steel Association, he said the government and the central bank are aware of the problem and know that certain arrangements must be made.

“Neighboring countries are the main destination for Iranian steel exports,” he said. “A large volume of our production is exported to East Asia.”

Regarding the amount of steel imports, Ahramian said that Iran will not import much and this year the statistics will also decrease. Last year, 30 percent of the imports have dropped, and this year it is expected to decrease more.

Referring to the opening of the Iranian banks in countries such as India and how it could affect the return of money to Iran, he says the issue is still unclear.

"Such banks have opened in some countries, but they had little effect on our foreign trade," Ahramian said.