Iran’s annual exports from steel industry hit $7.8 billion

TEHRAN, Apr. 30 (MNA) – The value of exports from Iran’s steel sector reached $7.8 billion in the previous Iranian calendar year (ended on March 19), an official with the Iranian Steel Producers Association (ISPA) said.

Speaking in a meeting to introduce the export capabilities of Iran's steel industry, which was held on the sidelines of Iran Expo 2024, Vahid Yaghoubi said, “Last year, the exports of the steel industry were 7.8 billion dollars, and this year we expect this figure to increase.”

“With the removal of energy restrictions, the steel industry is expected to earn 10 billion dollars this year,” he added.

Production of steel in Iran increased by 5.8 percent in the previous Iranian calendar year as compared to the preceding year, according to the ISPA.

Based on the latest data released by the ISPA, the country’s steel production reached 29.334 million tons in the previous year.

Iran improved its global standing in steel production, becoming the ninth-largest producer in January 2024, according to new data released by the World Steel Association (WSA).

In the first month of 2024, Iranian steel mills produced a total of 2.6 million tons of steel, registering a 39.3 percent increase compared to the same month of 2023, as reported by the WSA on Monday.

Iran was ranked first in terms of production growth among the world’s top steel producers in the mentioned period.

According to the World Steel Association, Iran is the world’s ninth largest steel producer in the said period, after countries like China, India, Japan, the US, Russia, South Korea, Turkey, and Germany.