Iran Sets Global Record for Steel Output Growth in 2022
- 01-Feb-2023 12:50 PM
- Journalist: Francis Stokes
Iran: In 2022, Iran achieved the highest growth rate in Steel production of any country in the world. This was a major milestone for the country and proves their commitment to furthering their Steel industry.
Iran's Steel production had reached 30.6 million metric tons (mt) in 2022 up 8% from 2021.
Global Steel output decreased by 4.2% year on year in 2022, hitting 1.878 billion mt. This decrease is attributed to both the global energy crunch and the war in Ukraine which had serious impacts on European Steel production last year.
Steel production in Europe has seen a significant decrease in 2022, with major producers cutting output by as much as 19%. However, Ukraine experienced an even more drastic drop of more than 70%.
Iran was the 10th largest Steel producer globally in 2020.
Since 2018, Iran has become increasingly dependent on revenues generated in hard currency from its exports of minerals and metals. This follows the United States' imposition of sanctions on the Iranian oil industry.
Iran has seen a dramatic shift in its Steel industry, becoming a net exporter of the metal for the first time in nearly a decade. The country currently exports around 7 million mt of Steel per year, compared to imports of 3.5 million mt roughly 10 years ago.
