TEHRAN- Iran will inaugurate steel projects with the capacity of at least 10 million tons during the current Iranian calendar year (ends on March 19, 2020), IRNA quoted Deputy Industry, Mining and Trade Minister Jafar Sarqini as saying.

Also, Ardeshir Sa’d Mohammadi, a deputy director in Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), has recently announced that the country’s crude steel production capacity will increase by 25 million tons within the next four years.

He said that through such increase in crude steel output, the required feedstock for the plants will be properly supplied.

The official further lamented that of the 35 million tons of crude steel produced in the past Iranian calendar year, 25 million tons were used in the production process.

A report by the World Steel Organization (WSO) has indicated that Iran became the world’s tenth largest steel producer in 2018.

Iran which stood at the 13th place in 2017 could lag behind three major steel producers in the world, namely Italy, Taiwan, and Ukraine to stand at the 10th place in 2018, despite the re-imposition of sanctions by the U.S.

According to the WSO’s report, Iran produced 25 million tons of crude steel in 2018 which indicates 17.7 percent growth from 21.2 million tons in 2017.

Also, a recent report by the WSO says that production of crude steel in Iran rose 7.1 percent during the first quarter of 2019 compared to the same period of time in 2018.

It is while crude steel production in the world increased 4.5 percent in the first quarter of this year.

The WSO’s report put Iran’s crude steel output at 6.223 million tons and that of the world’s 64 steel producers at 155.9 million tons in the three-month period.

China, India, Japan, the U.S., and South Korea were the top five steel producers in the world during the first quarter of this year.

Iran exported 4.899 million tons of steel ingot during the past Iranian calendar year, IRNA reported on Tuesday citing the data released by the Iranian Steel Producers Association.

As reported, billets and blooms accounted for 67 percent of the steel ingot exports in the past year.

Over 40% of crude steel produced in Iran is exported to different markets worldwide, according to IMIDRO Head Khodadad Gharibpour.

Iran is one of the top 10 mineral-rich countries where 68 types of minerals have been identified so far, including the world’s largest deposits of copper, zinc and iron ore, which are tempting international investors.

MA/MA