Azernews.Az

Monday June 17 2024

Iran exports over 40 pct of crude steel produced

30 January 2019 16:51 (UTC+04:00)
Iran exports over 40 pct of crude steel produced

By Abdul Kerimkhanov

More than 40 percent of crude steel produced in Iran is exported to various markets around the world, said Hodadad Garibpur, head of the Iranian Mines & Mining Industries Development & Renovation (IMIDRO).

Of the 1.79 billion tons of world annual crude steel production, about 30 percent is exported by producing countries, so Iran’s 40 percent share in exports is higher than in the world, the official said.

A report released by the World Steel Organization (WSO) on January 26 indicates that Iran became the 10th largest steelmaker in the world in 2018.

Iran ranked 13th in 2017, but rose to 10th place in 2018, despite the reintroduction of sanctions by the United States.

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

Today, iron and its alloys, such as steel, form the basis of machine technology in the world, and are widely used in various industries, including the construction of buildings, bridges, the automobile industry, the shipbuilding industry and the production of locomotives.

The importance of the steel industry in the development of different countries, the environmental sustainability of this product, as well as the forecasts of international organizations in increasing global steel demand in the next few decades, contributed to the support of this industry by governments and private-sector investment companies.

Currently, there are several dozens of economic departments in Iran, including the Mobarak metallurgical complex in Isfahan, the Cavian metallurgical complex, the Bonab metallurgical complex, the Save steel works and steel profile plants, the Fulad Khuzestan steel company and the industrial group Sepahan, which operate in the industry the production of steel and its products, such as rebar, beams, and various types of steel leaves.

Products of the Iranian steel industry, not only provide domestic needs but also are exported to some countries of the Middle East, Africa and Europe.

According to the Iranian Steel Producers ’Association (ISPA), to achieve the target of up to 55 million tons per year by 2025, Iran’s steel industry needs new investments $ 27.4 billion. About $3.5 billion must be invested directly in the production of steel and raw materials.

The main importers of steel products were the countries of the CIS and Asian countries.

On November 2, Washington announced that it would grant eight countries permission to buy Iranian oil when imposing sanctions on Tehran from November 5 to 180 days without the possibility of extending this period.

On November 4, 2018, the U.S. re-imposed all remaining secondary sanctions on Iran that were previously lifted under the Joint Comprehensive Plan of Action (JCPOA). This is the final action required to re-impose Iranian sanctions since President Trump's May 8, 2018 announcement of the U.S. withdrawal from the JCPOA. The U.S. initially imposed certain sanctions on August 7, 2018.

These sanctions were imposed on Iran's port operators and shipping and shipbuilding sectors, on petroleum-related transactions with the National Iranian Oil Company (NIOC), Naftiran Intertrade Company (NICO), and the Central Bank of Iran, on transactions by foreign financial institutions (FFIs) with the Central Bank of Iran, on the provision of specialized financial messaging services to the CBI and Iranian financial institutions, on the provision of underwriting services, insurance, or reinsurance and on Iran's energy sector.

---

Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94

Follow us on Twitter @AzerNewsAz

Loading...
Latest See more