TEHRAN- Production of steel ingot by Iran’s major producers stood at 11.923 million tons during the first seven months of the current Iranian calendar year (March 21-November 22), IRNA reported on Saturday citing the data released by Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).

IMIDRO data show that Mobarakeh Steel Company accounted for the lion’s share (46 percent) of the output during the mentioned time span.

Annual production of steel ingot in Iran is predicted to rise to 28 million tons in the current Iranian calendar year (ends on March 19, 2020) from 25 million tons in the past year, according to IMIDRO Head Khodadad Gharibpour.

“Today, Iranian steel industry is meeting most of its requirements relying on domestic capabilities and it is just a little dependent on the foreign resources”, the official said during the annual general assembly meeting of Iranian Steel Producers Association on October 1.

As previously announced, Iran's steel production capacity is projected to reach around 40 million tons this year with crude steel production reaching between 25 and 27 million tons.

According to the World Steel Organization (WSO), Iran became the world’s tenth largest steel producer in 2018. The country is expected to become the world’s seventh biggest steel producer by 2021, reaching 55 million tons of steel capacity.

The WSO’s report shows that Iran produced 25 million tons of crude steel in 2018 which indicates 17.7 percent growth from 21.2 million tons in 2017.

The country’s crude steel production capacity will increase by 25 million tons within the next four years, according to a deputy director in IMIDRO.

Ardeshir Sa’d Mohammadi 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 (ended on March 20, 2019), 25 million tons were used in the production process.

MA/MA