Irans steel production sees modest growth in 2024 reaching 31m tons

Iran's steel production sees modest growth in 2024, reaching 31m tons

TEHRAN - Iran’s steel producers ended 2024 with modest growth, as the country’s production of this key metal reached 31 million tons.

According to the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), the latest report from the World Steel Association shows that Iran’s steel production grew by 0.8 percent last year. This was despite an 8.2 percent decline in production during December, when energy shortages, particularly of gas and electricity, impacted output, reducing it to 2.6 million tons.

The World Steel Association’s table confirms that Iran retained its position as the world’s tenth-largest crude steel producer.

The total output of the association’s 71 member countries reached 1.839 billion tons, marking a 0.9 percent decrease compared to 2023.

However, global steel production in December grew by 5.6 percent to 144.5 million tons.

China maintained its leading position with just over 1.005 billion tons of production.

India ranked second globally with a significantly lower production volume of 149 million tons, followed by Japan in third place with 84 million tons.

The United States produced more than 79 million tons, Russia over 70 million tons, South Korea 63.5 million tons, Germany 37.2 million tons, Turkey 36.9 million tons, and Brazil 33.7 million tons, occupying the fourth to ninth spots, respectively.

Among the top 10 steel-producing countries, Turkey recorded the highest growth rate at 9.4 percent. It was followed by India with 6.3 percent, Brazil with 5.3 percent, and Germany with 5.2 percent.

Meanwhile, the steepest declines in production were reported by Russia, down 7.2 percent, South Korea, down 4.7 percent, the United States, down 2.4 percent, and China, down 1.7 percent.

The Iranian Steel industry has been constantly developing over the past years against all the pressures and obstacles created by outside forces like the U.S. sanctions and the coronavirus outbreak that has severely affected the performance of the world’s top producers.

The country is expected to climb to seventh place among the world’s top steel producers by the Iranian calendar year 1404 (March 2025).

Iran’s steel production is estimated to reach 32 million tons in the current year (ends on March 20).

EF/MA

source: tehrantimes.com