Iran has produced a total of 6,750,000 tons of crude steel during the first three months of 2020, which indicates a 13.2% rise compared with last year's corresponding period, the latest report released by the World Steel Association shows.
The country’s March output hit 2,250,000 tons, showing a 14.1% hike as compared to the same period last year.
According to the Brussels-based international trade body for the iron and steel industry, the world’s 64 steelmakers produced a total of 443,030,000 tons of steel over the three-month period, down 1.4% YOY.
These countries produced 147,054,000 tons of steel in March 2020, recording a 6% decrease compared to March 2019.
Iran’s world ranking is now at 10th place after Brazil with 2,635,000 tons of production.
China, as the world’s top producer, had an output of 78,975,000 tons of crude steel in March 2020, a decrease of 1.7% compared to March 2019.
The increase in Iran's production of crude steel comes despite increasing US pressure on the industry as Washington has imposed specific sanctions targeting the country’s metals trade.
The bans, enacted in May 2019, have failed to stem the industry’s growth mainly because Iranian companies use third countries to process exports to the customers.