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Iranian steel output growth above world average.

According to World Steel Association, Iran produced 5.583 million tons of crude steel in the first 5 months of 2011 which was above the world average figure. The amount shows 13% increase compared to the previous year's figure.

Iran's output growth rate during the mentioned period was more than the average output figures of the world's main producer countries such as China, India, USA, France, Germany, Italy, Spain, Russia, Ukraine, Canada, Mexico, Brazil, Japan and England. Mehdi Ghazanfari commerce Minister of Iran said that Iran will become one of the world's main steel exporters by March 2016. Iran plans to reach the production capacity of 42 million tons per year by the end of the Fifth Five Year Socio Economic Development Plan.

Ghazanfari said that the nation's steel

production capacity is currently 19 million tons annually. There are 106 industrial and mineral projects, worth some USD 29 billion underway in different cities of the country which will be gradually inaugurated by the end of the fifth 5 year development plan.

Ghazanfari went on to note that 16 of these 106 projects worth some USD 2 billion will come on stream by the end of the current Iranian calendar year (March 20th 2012).

Saudi Economic Survey. All rights reserved.

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Publication:Saudi Economic Survey
Geographic Code:7IRAN
Date:Jun 29, 2011
Words:217
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