Iran Steel Giants Earn $6.9 Billion

The last fiscal (ended March 20, 2018) had its ups and downs, but it was propitious for major Iranian exchange-listed steelmakers.

Increasingly favorable global conditions, rapid capacity expansion and an accelerating drop in the national currency’s value against the US dollar all helped them notch significant gains in sales.

The seven steel companies sold over 19.25 million tons of steel products worth 347.3 trillion rials (about $6.94 billion) last year, posting a 16% and 56.21% growth respectively compared to the year before.

A large part of the growth happened in the last month of the year, Esfand (Feb. 20-March 20), as the steelmakers sold a total of 1.98 million tons valued at 44 trillion rials ($880 million), up 14.8 and 68.7% YOY respectively.

The seven major Iranian steelmakers produced a total of 19.82 million tons of steel products during the fiscal 2017-18, registering a 15.31% growth YOY.

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