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Iran announced the benefits of US sanctions for the country's steel industry

Ближний Восток / Ferrous metallurgy

The US sanctions imposed by the Donald Trump administration against the Iranian steel industry did not prevent the boom in Iranian steel exports to foreign markets.

Iran announced the benefits of US sanctions for the country's steel industry

While US sanctions target not only Iran's oil industry, but also the metallurgical sector, periodic reports published by both international and domestic sources show that the Iranian steel industry has not been affected by the sanctions, but rather is experiencing a boom in production and exports ... About this writes on Saturday TehranTimes edition.

According to him, Iranian steel producers exported 2.358 million tons of steel ingots and metal products during the first half of the current Iranian calendar year (March 20 - September 21). Of the country's total exports in the first half of the year, 19.5 percent fell on the sixth month of this year, which indicates an upward trend in exports.

“Iran is resolutely pursuing a policy of strengthening its domestic production to achieve self-sufficiency and resist sanctions, and in this regard, the country has identified several major programs in various manufacturing sectors to achieve this goal,” TehranTimes reported.

As proof of Iran's success in lifting its industrial sector, despite all the pressure and restrictions, the publication cited statistics from the World Steel Association, according to which Iran shows the highest growth in steel production in the world.

While global steel production fell 1.3% in the first 11 months of 2020, Iranian steelmakers produced 26.369 million tonnes of steel in January-November this year, up 13% from the same period last year - 23.385 million tons.

The Worldsteel report also indicates that monthly steel production in Iran in November this year increased by 14 percent over the same month the previous year.

Recall that in January this year, President Donald Trump imposed expanded economic sanctions against Iran's steel industry in an attempt to punish the country for a missile strike earlier this week on two US military bases in Iraq.

"As a result of these actions, we will end billions of dollars in support of the Iranian regime," Secretary of State Mike Pompeo said at the time.

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