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Iran's Steel Production Surges by Over 20% in Early 2023

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BNN Correspondents
New Update
Image Credit: Financial Tribune

Iran experienced a significant increase in steel production during the first two months of 2023, with a growth of over 20% compared to the same period in 2022, according to data from the World Steel Association (worldsteel).

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The official IRNA news agency reported on Monday that Iranian steelmakers produced approximately 5.1 million metric tons of steel in January and February, a 21.1% increase from January-February 2022.

Ranking as the ninth largest global steel producer during the first two months of 2023, Iran recorded the most substantial year-on-year growth in output among the world's leading steel-producing nations.

Iran, China, and India were the only major steel producers to report year-on-year increases in output during January-February, while other countries experienced a decline in production. Turkey reported the most significant decrease, with a 23% reduction in production.

Global steel production dipped by 0.8% during the first two months of 2023 compared to the same period in the previous year, as per worldsteel figures. Since American sanctions on its oil exports in 2018, Iran has implemented various measures to bolster its mining and metals sector.

These initiatives have not only increased hard currency revenues for the government but also enabled mines and metal factories across Iran to generate tens of thousands of new jobs.

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