TEHRAN (Iran News) – Production of steel ingots in Iran rose nine percent during the first four months of the current Iranian year (March 20-July 21, 2020) compared to the corresponding figure of the preceding year, according to figures released by the Industry Ministry.

Over 9.483 million tons of steel ingots were produced during the four-month period of this year, rising from 8.683 million tons of the product produced in the first four months of the previous year, reported IRNA.

Production of steel ingots in Iran is expected to surpass 30 million tons in the current Iranian year (ending March 20, 2021), announced Deputy Industry, Mine, and Trade Minister Darioush Esmaeili.

The official underscored that the country is planning to rise to eighth place by the Iranian calendar year 1404 (to start in March 2025).

“Given the country’s 2.8-billion-ton iron ore reserves, we need new explorations in this field, because when the annual steel ingot production capacity reaches 55 million tons, the current production levels of iron ore can only supply the industry for 12 to 13 years,” the official stated.

He further noted that over 90 million tons of iron ore were produced in the country during the previous Iranian calendar year (ending March 19), of which only seven percent was exported.

The Ministry of Industry, Mine, and Trade has announced that production of iron ore concentrates in Iran reached 47.306 million tons in the previous Iranian calendar year, registering a four-percent rise compared to the preceding year.

Iran’s export of steel products in the past Iranian year rose 27 percent compared to the preceding year.

As reported, the country’s major steel producers exported about 7.33 million tons of the products last year.

According to Esmaeili, 10 years ago Iran exported more than 20 million tons of unprocessed iron ore and the figure fell to a maximum of six million tons last year.

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 in 2019, which was 12.6 million tons.

According to figures released by the World Steel Association (WSA) on July 23, 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.