Iran increases steel exports by 55%

Iran's steelmakers are expected to export around 5.7 million tonnes by the end of the current fiscal year (March 2017).

In the nine months ended December 2016, major steel producers exported more than 4,120,000 tons of steel products, registering an increase of 55% over the same period last year. Recovering global steel prices have forced producers to focus more on exports.

Iran is currently the 14th largest steel producing country in the world, as it produced 16.4 million tonnes of steel in 11 months of 2016, registering 11% annual growth.

At the same time, the country aims to become the sixth largest steel producer in the world in accordance with a 20-year plan (2005-25), which provides for the achievement of production of 55 million tons of crude steel per year.

Iranian steel mills have reached 31 million tons of annual steel production capacity so far.