steel

Iran says July-August steel exports increase by %37

Press TV – Iran’s main government body active in the steel industry says monthly exports from the country have increased by more than a third.

The IMIDRO said on Sunday that steel exports recorded between July 23 and August 22 this year had surged to 633,050 tons, up from 462,000 tons in the same period last year.

The holding said Khouzestan Steel Company (KSC), a major mill located southwest of Iran, topped the list of nine big exporting companies with 174,772 tons while Iran Alloy Steel Company (IASCO) came last with a total exports of 510 tons in the monthly period.

IMIDRO said leading steel mills had shipped a total of 2,904,366 of cargoes to foreign customers in the five months ending August 23, 2019, down four percent compared to the similar period in 2018.

A major global producer and exporter of steel, Iran has sought to increase output despite economic woes that have affected downstream sections of the industry.

The government said earlier this month that it would slap a harsh tariff of 25 percent on exports of raw iron to help steel mills struggling with low stocks.

Official data suggest Iran’s annual steel output hit a record of 35 million tons in the year ending March 2019 while exports stood at seven million tons.

Plans to expand the steel industry come amid American sanctions that have affected oil exports, a traditional source of revenues for the government.

Experts believe Washington would have huge difficulties to impose similar restrictions on Iran’s export of metals despite a ban enacted by the White House in May.

Sources within the industry say Iran seeks to become the seventh top steel producer in the world by 2025 relying on plans to bring output to 55 million tons a year.