Azernews.Az

Iranian Deputy Minister of Industry, Mine and Trade Amir Amini said that Iran imports about 7.5 million tons steel worth $4.8 billion annually, Bahar daily reported.

He said that Iran, which holds some 2.3 billion tons of proven iron ore, would face $12 billion in loss annually if its 7 projects on the steel production are not realized during next two years.

Some $1.8 billion is needed for developing and communicating these projects during the next 2.5 years, he addded.

Iran's crude steel production capacity will reach 24 million tons by the end of the current calendar year (March 20, 2014), Iranian Deputy Minister of Industry, Mine and Trade Vajihollah Ja'fari said earlier.

"By inauguration of some steel production projects in provinces of Gilan, Yazd, Esfahan, and Fars some 4 million tons would be added to the country's total crude steel production capacity," he explained.

The latest statistics released by the World Steel Association shows that Iran has produced 6.077 million tons of crude steel in the first five months of 2013.

Iran's crude steel output in May stood at 1.287 million tons, which is 3.7 percent more than in the same period of the previous year.

According Custom Administration's latest report, Iran imported about $162 million worth steel and iron ingots in first three months of solar year (March 20-May20). This is a 67.38 percent decrease compared to same period of the last solar year. Iran also imported $127 million worth of iron-steel products during first quarter of this solar year, which constitutes a 46.18 percent decrease compared to the same period in last year.