Iran (IMNA) - The Iranian Steel Producers Association (ISPA) announced on Monday that production fell by 5.4% year-on-year for the five months ending August 21, resulting in a decrease of 0.7 million metric tons, valued at approximately $300 million.
The ISPA highlighted that the production of rebar decreased by 9.2% in the same period, while output of angle steel and U-steel saw a more substantial decline of 13.6%. Additionally, steel ingot production in Iran dropped by 7.9% year-on-year.
The association cited severe electricity supply restrictions this summer as the primary cause for the reduction in semi-finished steel production. The Iranian government was compelled to cut power supplies to various industries, including steel manufacturing, amid an unprecedented heat wave that led to record-high demand for cooling.
As one of the world's top ten steel producers, Iran has seen a consistent increase in both production and exports in recent years, despite ongoing challenges stemming from geopolitical tensions and regional supply disruptions.
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