(MENAFN) According to the latest report from the World Steel Association (WSA), Iran's steel production has grown by 21 percent in the first two months of 2023 compared to the same period last year. The data shows that Iran produced 5.1 million tons of steel in the two-month period of this year, up from 4.21 million tons in the same time span of the previous year. With this growth, Iran has been recognized as the ninth largest steel producer in this period.
Iran had the highest production growth among the top 10 steel-producing countries in the first two months of 2023. Out of these 10 countries, seven have faced a drop in production, and only Iran, China, and India have seen an increase in their production in this period, according to the WSA. In late February, the World Steel Association announced that Iran was ranked ninth among the world's top steel-producing countries, rising one place in the list of the world's top steel-makers.
The Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) reported that based on WSA data, Iran produced 2.7 million tons of steel in the first month of 2023, showing a 27.7 percent hike compared to the corresponding month of the preceding year.
Despite the challenges posed by external pressures such as the U.S. sanctions and the coronavirus outbreak that severely affected the performance of the world's top producers, Iran's steel industry has been constantly developing over the past years. In early February, the WSA reported that Iran's crude steel production increased by eight percent in 2022, while the production by the world's top 64 steelmakers declined by 4.2 percent. Iran was ranked first among the world's top steel producers in terms of production growth in the previous year, producing 30.6 million tons of crude steel.
Meanwhile, Europe's major steel producers experienced significant declines in production last year. Germany's production declined by 8.4 percent, Italy experienced negative growth of 11.6 percent, France's output declined by 13.1 percent, Spain registered a negative 19.2 percent growth, and the UK had a 15.6 percent decline in steel production.
According to the World Steel Association, Iran was the world's 10th top steel producer over the past two years, after China, India, Japan, and Russia. The country is expected to climb to seventh place among the world's top steel producers by the Iranian calendar year 1404 (March 2025). The significant growth in Iran's steel production is a positive indication of the country's efforts to develop its steel industry and promote economic growth.
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