News ID: 260986
Published: 0402 GMT November 01, 2019

Iran eyes over $9b worth of steel exports until March

Iran eyes over $9b worth of steel exports until March

Iranian authorities said the country will exceed the $9-billion target set for exports of steel until March next year despite US sanctions that have specifically targeted the metals sector.

A deputy to Iran’s minister of industry, mine and trade said on Thursday that a target of $9 billion worth of steel exports set for the end of the current Iranian year (started March 21) would be well within reach of the country as production in the first two quarters had exceeded the government estimates, reported Press TV.

Ja’far Serqini said production between late March and late September topped 13.2 million tons, adding that output would reach 28 million tons in March 2020.

The estimates come as Iran continues to be subject to a series of American sanctions that have also targeted the country’s production and trade of metals.

The bans were enforced in May, exactly one year after the US government pulled out of an international deal on Iran’s nuclear program and began to re-impose a series of sanctions on the country that had been lifted as part of the 2015 deal.

Serqini said Iran exported a total of six million tons of steel until late September, adding that annual exports will reach 12 million tons until the end of the current Iranian year.

The official insisted that the American sanctions had caused Iran’s metals and mining sector to thrive and to become a staple part of the country's economy.

The government official said productivity in the Iranian steel industry, a leading one in the world, had also increased with mills spending less than $75 per each ton of output, compared to at least $100 in years before the sanctions.

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