2020-November-30 16:56
Economy
2020-August-18  15:58

€1.5bln of Foreign Currency Saved in Iran’s Steel Industry in 12 Years

TEHRAN (FNA)- Deputy Head of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) Amir Khorramishad said that the country has saved €1.5 billion in the steel industry during the past 12 years.

Khorramishad said on Monday that Iran has indigenized €1.5 billion worth of foreign currency in the steel industry over the past 12 years.

“Manufacturing parts and equipment as well as indigenizing in our own industries has been significantly related with the foreign exchange revenues in recent decades,” he emphasized.

Concurrent with intensification of sanctions against Iran, foreign exchange revenues have decreased, the official said, adding, “despite sanctions imposed on the country, indigenizing parts and equipment have seen an ascending trend.”

Approximately 19,000 parts and equipment in industries have been localized following the research activities made in this regard, he reiterated.

A relevant report announced in recent days that Iran produced over 9.4 million tons of steel ingot in the first four months of the current Iranian calendar year (March 20- July 21), which shows a 9% rise compared to the last year’s corresponding period.

The statists of Iranian Steel Producers Association (ISPA) indicate that 9,483,000 tons of steel ingot were produced in the current year’s first four-month period.

ISPA put the volume of steel produced in the first four months of the last Iranian calendar year (March 21- July 22, 2019) at 8,683,000 tons.

The total steel production volume in the country is expected to hit 30 million tons by the end of the current year (March 20, 2021), more than 10 million tons of which would be exported to target markets.

5,562,000 tons of billets and blooms were produced in the first four months of current year, showing an 8% increase in comparison with the same period of last year.

It should be noted that 5,128,000 tons of billets and blooms were produced in the first four months of the last Iranian calendar year (March 21- July 22, 2019).

Iran considerably increased its production of steel in the first three months of the current Iranian calendar year (March 20, 2020-June 20, 2020), registering a three percent growth as compared to the last year’s corresponding period.

Total production volume of intermediate steel in the country recorded a three percent growth as compared to the same period of last year, the Iranian Steel Producers Association (ISPA) reported in July.