Capacity of crude steel production hits 24m tons

IRNA- The secretary of the Iranian Steel Manufacturers Association said that the production today has hit 24 million tons while the nominal capacity is 30 million tons.

Seyyed Rasul Khalife Soltani added on Wednesday, ‘Today, the country’s steel industry is in the best situation in terms of the balance of the production chain, but the backwardness of exploration and extraction of iron ore is alarming.’

Crude steel production witnessed a 16-percent rise in the first nine months of the current Iranian year (March 21, 2018-December 22, 2018) as compared with last year’s corresponding period while we have an average growth rate of 18 percent in this segment. Last year, the country’s crude steel production exceeded 22 million tons, and production growth is expected to continue the same trend this year.

“Steel in its essence has an economic advantage and is considered as an indicator of Iran’s mineral industry and moves rapidly towards predictable goals. According to the 1404 vision document, the country’s steel capacity is expected to reach 55 million tons,’ Khalife Soltani added.