The steel industry, the second biggest in the world after oil and gas with an estimated global turnover of $900 billion, has a history of more than 45 years in Iran where it is a strategic sector.

Iran lost some $450 million in revenues because of a drop in semi-finished steel production in Apr-Nov.

Worldsteel figures show Iran was responsible for 60% of the steel output in West Asia region in October.

Iran’s production of semi-finished steel fell by to 10% y/y in the first half of the current calendar year.

Electricity cuts this summer caused Iran’s semi-finished steel output to shrink by 5.4%.

Iran’s total steel output is expected to hit a target of 55 million mt by 2025.

Worldsteel figures show Iran’s steel output rose 8.8% year on year in May to reach 3.3 million mt.