Iran (IMNA) - This growth, however, fell short of higher production targets due to energy supply restrictions impacting manufacturers. The World Steel Association reported a global steel production decline of 9%, totaling 1.839 billion mt, with China contributing 1.005 billion mt of that total.
In December, Iran's steel production saw an 8.2% year-on-year decrease, dropping to 2.6 million mt amid ongoing power cuts and gas shortages. Despite these setbacks, global steel production rose by 5.6% during the same period, reaching 144.5 million mt. IMIDRO indicated that Iran could have achieved record production levels if energy supply issues had been resolved, potentially moving up from its current 10th position to 7th among global steel producers.
Notably, Turkey surpassed Iran in steel production in 2024, with a remarkable increase of 9.4%, the highest among the top ten producers. However, Iran briefly became the world's 7th largest steel producer in November, producing 3.1 million mt, reflecting a slight increase from the previous year.
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