(MENAFN) According to the latest report from the World Steel Association (WSA), Iran's steel production surged by 16.3 percent during the first quarter of 2024 compared to the same period last year. This significant growth outpaced the global trend, with worldwide steel production increasing by a modest 0.5 percent over the same three-month period. The total global steel output for January-March 2024 reached over 469 million tons, with March alone contributing 161.2 million tons to this figure.
Iran's steel industry played a notable role in this global landscape, producing 7.6 million tons of steel in the first quarter of 2024. This growth trajectory positions Iran among the top steel-producing nations globally, alongside industry powerhouses such as China, India, Japan, and the United States. This achievement underscores Iran's growing significance as a key player in the global steel market.
The momentum in Iran's steel sector is not a recent development but rather part of a broader trend of growth and expansion. In the previous Iranian calendar year 1402 (ending on March 19), steel production in Iran increased by 5.8 percent compared to the preceding year, reaching a total of 29.334 million tons. This growth was observed across various segments of the steel industry, including billet, bloom, slabs, and sponge iron production.
Iran's ascent in the global steel arena has been notable, with the country climbing to the ninth position in terms of steel production by January 2024, according to the WSA. In 2023, Iran produced 31.1 million tons of crude steel, accounting for a significant portion of West Asia's total steel production. This underscores Iran's growing influence in shaping the dynamics of the global steel market and reinforces its status as a major steel-producing nation in the region and beyond.
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