Iran's Steel Mills Forge Ahead

Iranian steel mills produced more than 11.4 million tons of crude steel during the eight months of 2016, which indicate a 5.1% rise compared with last year's corresponding period, according to a preliminary report exclusively sent by World Steel Association to its members, including Iranian Mines and Mining Industries Development and Renovation Organization, and seen by the Financial Tribune.

The report indicates Iran's August output remained the same as in July to stand at 1.35 million tons, which marks an 8.1% growth compared witho the same month of the previous year.

The world's 66 steelmaking countries were not able to snap their months-long declining production trend due to a persistent global glut and China's endeavors to cut down on its gargantuan production capacity. Steel mills around the world produced over 1.06 billion tons of the industrial material over the eight-month period to register a 0.9% fall year-on-year.

Iran maintained its position as the world's 14th largest steelmaking country as its January-August performance placed it between Mexico (13th) with 12.3 million tons and France (15th) with 9.3 million tons of crude steel output.

Iran's crude steel output stood at 16.1 million tons in 2015. The country aims to become the world's sixth largest steel producer as per the projections of the 20-Year Vision Plan (2005-25), which envision the production of 55 million tons of crude steel per year by the deadline.

Iranian steel mills have so far realized close to half of the crude steel production capacity target, according to Iranian Mines and Mining Industries Development and Renovation Organization.

China remained the world's biggest steel producer with a 536.3 million ton output in the eight-month period. It was followed by Japan with a 69-million-ton output, India with 63 million, the United States with 53.4 million, Russia with 47 million, South Korea with 45.3 million, Germany with 28.7 million, Turkey with 22 million, Brazil with 30.3 million, Ukraine with 16.3 million, Italy with 15.3 million and Taiwan with 14.5 million.

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