According to data obtained by SteelRadar from the World Steel Association (Worldsteel), Iran's crude steel production reached 3 million tonnes in October, down 1.9% year-on-year. This development showed that the steel sector has entered a recovery process after the production decline in the summer months.
In the January-October period, this figure increased by 0.6% yoy to 25 million tonnes.
Although the production increase in October represents a comeback from the low levels seen in the summer, it is not enough for Iran to realise its goals of moving up to higher ranks. The high production level recorded in May had helped Iran climb as high as seventh place globally. However, this position could not be sustained due to the difficulties in the second half of the year.
Nevertheless, October's performance clearly demonstrates the Iranian steel industry's capacity for recovery and resilience. Despite external pressures, sanctions and infrastructural deficiencies, the sector continues to show resilience. Iran needs to follow a steady path to increase its production capacity in order to reach its 2025 target of ranking seventh in world steel production.
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