Iranian steel industry grows by 22%

Industry, Mines and Trade Minister Mohammad Shariatmadari said steel production reached 22 percent growth in the current Iranian fiscal year (started on March 21, 2018).

Speaking at a ceremony to expand the Saba Steel Company project in Isfahan province, he said, "The ministry has focused on balancing and diversifying the various steel industries in the country."

Diversification in the manufacturing sector strengthens the steel industry and significantly improves the country's economy, he said.

He determined the annual volume of steel exports at 9 million tons, adding that the volume of consumption per capita in the country is 230 kg, the weight of which should increase by 400 kg.

By implementing steel projects, Iran's export volume is projected to reach 15 million tons /year in 2025.

To achieve the target of 55 million tons of steel in 2025, Iran needs capital of eight billion euros, he added, specifying that "in addition, the country must invest 6.5 and 4 billion euros in the railway and electricity sectors."