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Iran expects steel exports to touch $5 billion

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Christian Fernsby ▼ | January 23, 2020
Iran expects its steel exports to touch 10 million tonnes in the year to March 21, 2020.
Iran steel
Business in Iran   Iran steel
The exports will bring in $4 billion to $5 billion for the country which is hard pressed for money amid an aggressive U.S. push to sink Iran’s oil revenues to zero, head of the country's largest holding in metals sector known as IMIDRO Khodadad Gharibpour said.

Topics: Iran steel export

Iran’s Minister of Industry, Mine and Trade Reza Rahmani put the damper on Washington’s haughty grandstanding, saying Iranian producers had obtained the technology to make graphite electrodes.

“The aim of harsh American sanctions on the metal industry is to stop Iran’s exports, but this did not happen practically and we are seeing a boom in exports,” Gharibpour said on Tuesday.

Over the current Iranian year, he said, exports of National Iranian Copper Industries Co and Mobarakeh Steel Company have risen by more than $1 billion.

Iran is a leading producer of steel in the world, with officials saying exports continue despite the U.S. sanctions.

The country plans to raise steel output to 55 million tonnes a year by 2025, of which 20 to 25 million tonnes would be earmarked for export.