Iran to raise steel output to 55 mn tonnes: Report

Iran has plans to increase its annual steel output to 55 million tonnes by the end of the Fifth Five-Year Development Plan (2015), a media report here said Monday.

However, the observers believe that the objective of the plan is too optimistic for the country to achieve as the Islamic republic is under heavy western economic sanctions over its controversial nuclear programme, reported Xinhua citing Tehran Times.

According to the latest release of World Steel Association, Iran produced 14.071 million tonnes of crude steel in the first 11 months of 2013, a six percent rise compared to the same period in 2012.

The country's crude steel output stood at 1.375 million tonnes in November 2013, up 12.5 percent compared to November 2012, the semi-official ISNA news agency reported.

As a major steel producer in the region, Iran boosted its steel mills across the country in recent years, as central Isfahan and southwestern Kouzestan provinces remain the major steel producers.

Iran has liberated exports of steel products by mid-June in a bid to give an incentive to domestic producers.

Exports of steel products and ingots will be unlimited until the end of Iran Khordad month (June 21), Mohammad-Jafar Sarqini, said Iranian deputy industry minister Sunday.