Worldsteel data show Iran’s steel production rose slightly year on year in November to 3.1 million mt.

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.