News ID: 199243
Published: 0218 GMT August 23, 2017

Iran's steelmaker targets Arab markets

Iran's steelmaker targets Arab markets

Mobarakeh Steel Company (MSC) is focusing on Arab markets, which received the bulk of the company's exports in the four months from March 21.

MSC exported 476,000 tons of steel worth $200 million in the period, mostly to Oman, the UAE, Jordan and Egypt, the company's Managing Director Ahmad Sadeqi said, reported Press TV.

Sadeqi predicted a bright prospect for the company which, he said, has boosted production, reduced debts, expanded exports and cut prices.

His company is the largest steel maker in the Middle East and Northern Africa. Steel was Iran's main export item after oil, gas and petrochemicals last year.

European media reports have said the EU was targeting MSC's hot-rolled steel, planning to hit imports from the country with punitive trade tariffs.

According to a document cited in the media, the European Commission is proposing duties of up to 23 percent for steel from Mobarakeh Steel Company.

Iran has an advantage since production costs at the majority of its steelworks are internationally competitive because of low energy prices.

Sadeqi said prices of Iranian steel products are still lower than those in the international market, adding the rates in Iran are controlled through various measures to avoid pressure on the consumer.

He added current import tariffs in the country are appropriate given the prevailing steel market is flat around the world, but a number of brokers with a long history in imports of low-quality ingots, were pushing for the removal of duties.

Iran exported four million tons of steel last year, according to director of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) Mehdi Karbasian.

Currently, the nation produces 16 million tons, which is one percent of the world total. A statement on IMIDRO's website says exports are expected to hit 20-25 million tons by 2025.

   
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