Iran, world's 16th top steel producer: report

The institute noted that Iran had advanced three places compared to 2008, Fars news agency reported.

The Islamic Republic of Iran has outpaced Canada and the UK with producing 10.9 million tons of steel annually.

China, Japan and Russia are the largest steel producers in the world with the annual 567 million tons, 87.5 million tons and 59.9 million tons of output respectively.

The global economic crisis has caused a decline in steel production in 36 countries. Only Iran, China, India and Saudi Arabia have managed to increase their output.

Crude steel production in the nine month period ending December 21 reached 7.8 million tons, showing a 4 percent growth compared to the same period the year before.

The report added that the total exports of crude steel and steel products in this period hit 825,583 tons worth $358 million, which is 71 percent more in terms of weight compared to the year before.

Iran plans to issue 34 trillion rials (around $3.4 billion) worth of cooperative bonds to expedite the implementation of 8 steel projects nationwide.

The bonds will finance 30 percent of the needed amount for these projects, while the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) and foreign investors will secure 33 percent and 37 percent of the sum, respectively.

According to The Islamic Republic of Iran Broadcasting the Crude steel production in plants supervised by IMIDRO in the nine-month period ending December 21, reached 7.8 million tons showing 4 percent growth compared to the same period the year before.

The report added that the total exports of crude steel and steel products in this period hit 825,583 tons worth $358 million, which is 71 percent more in terms of weight compared to the year before.

Once these eight projects come on stream a minimum of 6.4 million tons will be added to the steel production capacity of Iran.

MRK/HB

END

MNA