(MENAFN) An official from the Iranian Steel Producers Association (ISPA) revealed that the value of exports from Iran's steel sector reached USD7.8 billion in the previous Iranian calendar year, which ended on March 19. Speaking at a meeting during the Iran Expo 2024, Vahid Yaghoubi expressed optimism, stating that they anticipate an increase in this figure for the current year. Yaghoubi emphasized that with the removal of energy restrictions, the steel industry is expected to earn USD10 billion this year.

Furthermore, ISPA data showed that Iran's steel production saw a significant increase of 5.8 percent in the previous Iranian calendar year compared to the preceding year, reaching a total of 29.334 million tons. This production included 18,452,000 tons of billet and bloom and 10,882,000 tons of slabs, marking respective increases of 9.2 percent and 0.7 percent. Additionally, the production of sponge iron increased by 8.5 percent compared to the previous year.

Iran's global standing in steel production also improved, with the country becoming the ninth-largest producer in January 2024, according to data from the World Steel Association (WSA). Iranian steel mills produced a total of 2.6 million tons of steel in January 2024, marking a substantial 39.3 percent increase compared to the same month in 2023. However, global steel production across 71 countries experienced a slight decline of 1.6 percent in January 2024, totaling 148.1 million tons.

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