Production of steel ingots in Iran is expected to surpass 30 million tons in the current Iranian year (ending March 20, 2021), said Deputy Industry, Mine, and Trade Minister Darioush Esmaili, according to imidro.gov.ir.
Saying that Iran is currently the world’s 10th largest steel producer, the official underscored that the country is planning to rise to eighth place by the Iranian year starting in March 2025.
He said the Industry Ministry has it on the agenda to increase the country’s steel ingot production to 55 million tons by 2025, for which 160 million tons of iron ore is required annually.
“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.
According to figures released by the World Steel Association (WSA) on November 24, Iranian steel plants produced nearly 23.8 million tons of crude steel during the first 10 months of 2020, marking a 12.6 percent rise compared to the figure for the same period last year, which was 21.1 million tons.
Iran produced 2.6 million tons of crude steel in October, showing a 27.9 percent increase compared to the figure for the same month in 2019, which was about 2.1 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.
The WSA is one of the largest and most dynamic industry associations in the world. Its 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.