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Production

Iran steel production grew in June despite global slump

 

Iran’s steel production grew by three percent in the quarter ending late June despite a reported fall in the global production of the metal.

A report by the Iranian Steel Producers Association (ISPA) published on Saturday showed that total steel output in the country had surged in the three-month period ending June 20 to top 7.135 million metric tons.

The surge came despite the 8.7 percent fall reported in the global production of the metal at the end of May which had come mainly as a result of spread of the COVID-19 pandemic.

Iran, the worst hit country in the Middle East by the pandemic, closed down many still mills in early March after it imposed a lockdown on industrial and business activity.

However, breakdown figures by ISPA showed that Iranian mills pumped out 12 percent more steel slabs this year compared to the March-June period in 2019 to reach a total production of 3.015 million tons.

Production of billet and bloom decreased slightly, by three percent, over the three-month period as mills churned out a total of 4.120 million tons, added the report covered by the official IRNA news agency.


Moreover, the report said that Iran’s steel products output also increased between late March and late June, which corresponds to the first quarter of the Iranian fiscal year, to stand at 5.335 million tons.

Total production for sponge iron, also known as DRI iron, also surged by 12 percent year on year in June to top 8.133 million tons, it said.

Iran, the 10th largest producer of steel in the world, eyes a slight increase in annual steel production in 2020 despite a projected fall in the global output because of the pandemic and also the fact that the country’s metals and mining sector remains under a series of American sanctions.

Iran pumped out a total of 28 million tons of steel in the year ending March 2019 of which just more than a fourth, around 8.5 million tons, was shipped to other countries.

 

Source: Press TV

 


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