Publishe Date: 11:02 AM - 8/10/2012 | Print

Iran steel output increases over 40% to hit 17m tons: Official

Economy - Despite the intensification of Western sanctions against Iran, the country’s steel production has increased over 40 percent in the past two years, vice president of the Iranian Steel Association announced.

According to Hamid Reza Taherizadeh not only have the sanctions failed to slow down Iran's steel production, but the country has also succeeded to boost its output from 12 to 17 million tons in the aforementioned period.

“[Iran’s] private sector has taken suitable measures in recent years to establish steel mills so that during the past two years steel ingot imports have decreased by about 1.5 million tons due to increased domestic output,” he added.
The official noted that Iran imported 6 million tons of steel ingot up to two years ago, which has currently fallen to 4.5 million tons and is expected to become self-sufficient in producing steel ingot in the next three years.

Earlier this month, the Iranian Minister of Industry, Mines and Trade described the steel industry as ‘sanction-breaking,’ insisting that it can neutralize pressures stemming from the economic embargoes imposed against the country over its nuclear energy program.
According to the latest report published by the World Steel Association (WSA), Iran has become the largest producer of crude steel in the Middle East and Africa, given the hike in its steel output.

press tv/281

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