TEHRAN (Dispatches) – Studies of performance of large companies in mining and mineral sector in the first three months of the current year (from March 21 to June 21) indicate that about 6.2 million tons of steel ingot was produced in the country.
Another statistic showed that 3.9 million tons of steel products were produced in the country from March 21 to June 21.
Accordingly, 6,183,726 tons of steel ingot was produced by major steel production companies in the first three months of the current year (from March 21 to June 21), showing a nine percent growth as compared to the same period last year.
Esfahan’s Mobarakeh Steel Company (EMSCO) managed to produce 2,685,410 tons of steel ingot in the first three months of the current year, accounting for 43 percent total steel ingot production share in the country.
According to the report, major steel production companies produced 3,895,167 tons of steel products in the first three months of the current year, showing a three percent (3%) hike as compared to the last year’s corresponding period.
Last week, World Steel Association (WSA) introduced the Islamic Republic of Iran among the world’s top 10 steel production countries with producing 29 million tons of crude steel, and also second largest sponge iron production company in 2020.
Record Steel Prices Inject Life Into Long-Suffering Industry
Prices have boomed worldwide this year, smashing record after record. Roaring industrial demand is propelling those rallies, with plants straining to boost supply after lying dormant during the pandemic. On top of that, powerhouses China and Russia are trying to limit exports to help other industries at home.
That optimism is a far cry from the past decade, when Western makers closed plants and shed workers as low demand had their mills operating below capacity. Last year alone, 72 blast furnaces were idled, according to UBS Group AG.
This year, U.S. President Joe Biden wants to spend on infrastructure, and the European Union wants to spend on reaching net-zero emissions. Manufacturers such as Nucor Corp., U.S. Steel Corp. and SSAB AB are among those set to become profit machines. ArcelorMittal SA, the world’s biggest outside of China, will earn more than McDonald’s Corp. or PepsiCo Inc., according to analysts’ estimates.