Iran's Steel Production Sees Significant Growth, While Steel Ingot Exports Fall

(MENAFN) According to the Iranian Steel Producers Association (ISPA), Iran exported 7.372 million tons of steel ingots in the past Iranian calendar year 1401, which ended on March 20. This marks a four percent decline in steel ingot exports compared to the previous year when the figure was 7.678 million tons. Despite this decrease, Iran's steel industry has continued to grow, with significant increases in steel production reported in the first two months of 2023.

The World Steel Association (WSA) has reported that Iran's steel production registered a significant growth of 21 percent in the first two months of 2023, compared to the same period last year. Based on WSA data, Iran produced 5.1 million tons of steel in the first two months of this year, compared to 4.21 million tons in the same period in the previous year. This growth has resulted in Iran being recognized as the ninth-largest steel producer in the world for this period.

Furthermore, among the 10 largest steel producers in the world, Iran had the highest production growth in the first two months of 2023. Out of these 10 countries, seven countries have faced a drop in production, while Iran, China, and India have seen an increase in their production during this period, according to the international association.

Despite the decline in steel ingot exports, Iran's steel industry has shown impressive growth in recent months, reflecting the country's ongoing efforts to expand its manufacturing sector. The growth in steel production is a positive development for the Iranian economy, providing opportunities for job creation and economic growth. As Iran continues to invest in its steel industry, it is likely that the country will continue to see growth in this key sector in the coming years.

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