TEHRAN (Iran News) – By using domestically-made equipment, Iran saved €1.5 billion in its steel industry for 12 years, said an official of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).

Amir Khorramishad, who is deputy head of IMIDRO for planning, said that after sanctions imposed on the country, about 19,000 parts and equipment in industries were made domestically, reported Mehr News Agency.

As sanctions were intensified, foreign exchange revenues in the country have declined simultaneously, he said, adding, “Despite sanctions imposed on the country, domestically-made parts and equipment have experienced an ascending trend.”

Production of steel products in Iran increased five percent during the first four months of the current Iranian year (March 20-July 21, 2020) compared to the same period last year, according to statistics released by the Ministry of Industry.

As reported, 7.2 million tons of steel were produced during the four-month period, while the figure was 6.93 million tons in the first four months of the previous year.

Iranian steel producers produced 9.483 million tons of crude steel during March 20-July 21, 2020, which was nine percent more than 8.7 million tons of the product produced in the same period last year.

According to figures released by the World Steel Association (WSA) on July 23, Iranian steelmakers produced nearly 13.9 million tons of crude steel during the first half of 2020, marking a 10.2 percent rise compared to the figure for the same period of 2019, which was 12.6 million tons.

Iran produced 2.4 million tons of crude steel in June, showing a 5.3 percent increase compared to the figure for the same month of 2019, which was 2.3 million tons.

Iran produced 31.9 million tons of crude steel in 2019, according to the WSA figures released in January.

The country plans to increase its annual steel production capacity to 55 million tons by 2025, with exports expected to reach between 10 million tons and 15 million tons per year.

WSA is one of the largest and most dynamic industry associations in the world. WSA members represent approximately 85 percent of the world’s steel producers, including over 150 steel producers, with nine of the 10 largest steel companies, national and regional steel industry associations, and steel research institutes.