Iran steel output outpaces global growth despite sanctions
Iran says a surge in its steel production in the first eight months of this year has outpaced the global growth figures despite US sanctions that have specifically targeted the country’s metals sector.
Head of Iran’s largest holding in metals sector, known as IMIDRO, said on Wednesday that output of steel in the country had grown by around six percent between late March and early September, around 1.5 percent higher than the surge reported in global production.
“We have had two to three million tons of growth in steel production chain each year,” said Khodadad Gharibpour of a trend reported in Iran’s steel industry over the past years.
Speaking in a conference on metals in Tehran, Gharibpour said Iran’s total annual output of steel would hit a target of 28 million tons in March, when the current Iranian year concludes.
The announcement is the latest to come from Iranian officials showing that the country’s metals sector has remained largely unaffected by the American sanctions.
US bans targeting Iran’s metals trade came in May, a year after Washington withdrew from a major international deal on Tehran’s nuclear program and started piling economic pressure on the country.
Iran, a leading producer of steel in the world, has said that exports to other countries have continued unabated while insisting that output keeps surging to respond to a growing domestic demand.
A report published last week showed that steel exports in the first six months of the Iranian colander year had reached 3.4 million tons, a three-percent surge compared to the similar period last year.
The report said some steel mills in Iran had increased exports by nearly 10 times in the period.
That comes as large mills in the country, like Khouzestan Steel (KSC), located southwest of the country, reported reduced output earlier this year mainly because of a sudden surge in export of raw iron.
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