Iran plans to increase steel production
Iran Steel Alloy Company official announced that Iran produces 8 million tons of steel products per annum and has to import 6 million tons of steel to meet demand in the local market. Import of 6 million-ton steel products is needed to cover up steel shortage in Iranian market. However in order to reduce dependence on imports, Iranian government will implement a development plan which will increase annual steel production of the country to 14 million tons. Moreover, this figure is planned to be increased further to 25-30 million tons later on. The official also stressed the importance of tariff system for a competitive economy.