Iran’s steel output up 21% y/y in Jan-Feb: Worldsteel

Iran saw its steel production increase by more than a fifth in January and February compared to the same period in 2022, according to figures by World Steel Association (worldsteel).

Worldsteel figures covered in a Monday report by the official IRNA news agency showed that Iranian steelmakers had churned out some 5.1 million metric tons of steel over the first two months of this year, up 21.1% from January-February 2022.

Iran was the ninth largest global steel producer over January-February and recorded the largest year on year growth in output compared to leading steel producing nations of the world, the figures showed.

Iran, China and India were the only major steel producing countries that reported year on year increases in output in January-February. Others saw their output decline over the period with Turkey reporting the biggest hit with some 23% decrease in production.

Global steel production dropped by 0.8% over the first two months of this year compared to the same period last year, according to worldsteel figures.

Iran has introduced various measures to support its mining and metals sector since its oil exports came under American sanctions in 2018.

The measures have led to increased hard currency revenues for the government while enabling mines and metal factories across Iran to create tens of thousands of new jobs.

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