Iran secures 7th position in world’s largest steel producer last month

(MENAFN) Iran's steel production has shown significant growth, as reported by the World Steel Association's latest findings. In May 2024, Iran's monthly output of raw steel reached 3.3 million metric tons, marking a 2.1 percent increase compared to May 2023. This achievement has propelled Iran to secure the seventh position among global crude steel producers for that month.

This milestone represents Iran's first appearance in the top ranks of monthly steel production in 2024. The country's overall steel production for the first five months of 2024 totaled 14 million metric tons, reflecting a 9.1 percent rise compared to the same period last year.

Notably, Iran ranked ninth globally in raw steel production for the first five months of the year, trailing behind Germany and Turkiye, which produced 16.2 million and 15.5 million metric tons respectively during the same timeframe.

The report highlights that several countries, including Turkiye, India, Germany, and Brazil, experienced growth in steel production during the initial five months of 2024, while major producers like China, Japan, the United States, Russia, and South Korea reported declines.

In 2023, Iran's steel sector expanded by 1.8 percent compared to the previous year, achieving a production output of 30.6 million tons. The broader West Asia region also saw a 1.3 percent increase in crude steel production during that year.

According to the World Steel Association's data, Iran ranked as the world's tenth largest steel producer in 2023, demonstrating its growing significance in the global steel industry.



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