Economy

Iran’s Steel Production Soars 8%, Reaching 31 Million Tons in 2024: WSA Report

January 27, 2025January 27, 2025

According to a recent report by the World Steel Association (worldsteel), Iran’s steel production reached an impressive 31 million metric tons (mt) in 2024. This achievement comes despite challenges faced by the industry, including energy supply issues that hindered potential growth.

In the context of global steel production, the statistics reveal a significant decline. The overall production dropped by 9% to 1.839 billion mt last year. Notably, China was a major contributor, accounting for 1.005 billion mt of that total output, as reported by Press TV.

In December, Iran experienced an 8.2% year-on-year decrease in steel output, reaching 2.6 million mt. This decline was attributed to ongoing power cuts and gas outages affecting various industries. Conversely, the global steel production during the same period increased by 5.6%, totaling 144.5 million mt.

The Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) noted that Iran’s steel production could have achieved record highs in 2024 if adequate energy supplies were available. They suggested that resolving these energy issues could have potentially moved Iran from 10th to 7th place in the global rankings of major steel producers.

Additionally, data from worldsteel indicated that Turkey outperformed Iran in steel production in 2024. Turkey’s output grew by an impressive 9.4% over the year, making it the highest among the top ten steel producers worldwide.

As of November 2024, Iran secured its position as the world’s 7th largest steel producer, with production reaching 3.1 million mt, which was a slight increase of 0.1% compared to the same month in 2023.

Iran’s steel production in 2024: 31 million metric tons
Global steel production decline: 9% to 1.839 billion metric tons
China’s contribution: 1.005 billion metric tons
December production drop in Iran: 8.2% year-on-year to 2.6 million metric tons
Global steel production increase: 5.6% to 144.5 million metric tons
Potential for higher rankings: Could have moved from 10th to 7th place
Turkey’s performance: 9.4% increase in steel production
Iran’s ranking in November 2024: 7th largest steel producer with 3.1 million metric tons

The challenges faced by Iran’s steel industry highlight the critical role of energy supply in achieving production goals. If these energy concerns can be effectively addressed, Iran has the potential to reclaim and enhance its position among the world’s leading steel producers.

In summary, while Iran’s steel industry has faced significant hurdles in recent years, the potential for growth remains strong. With strategic improvements in energy supply and production capabilities, Iran could soon see a return to higher production levels and an improved global ranking.

For more updates on the steel industry and other economic factors, stay tuned to our latest reports.

International

Iraq’s President Emphasizes Iran’s Vital Role as a Key Neighbor

January 25, 2025January 25, 2025

During the World Economic Forum in Davos, Iraqi President Rashid underscored the longstanding relationship between Iraq and Iran, rooted in centuries of cultural and economic ties. He emphasized that both nations cannot overlook one another, noting their shared communities and history of trade and dialogue. Rashid expressed commitment to strengthening relationships with all neighbors while safeguarding Iraq’s sovereignty. He highlighted the importance of regional cooperation to address common challenges such as economic development and security threats. His remarks signify a strategy of diplomacy that balances regional partnerships with national integrity, essential for stability and growth in the Middle East.

Politics

International Cooperation Essential for Iran’s Ongoing Support of Afghan Immigrants, Says Official

January 29, 2025January 29, 2025

Iran’s Interior Ministry, led by Nader Yarahmadi, has urged the international community to support Iran’s efforts in hosting Afghan immigrants amid a humanitarian crisis. In a meeting with Norwegian Chargé d’Affaires Paul Klouman Bekken, Yarahmadi discussed improving living conditions for Afghan nationals and the need for greater international cooperation. Bekken acknowledged Iran’s generosity in accommodating refugees, while Iranian Foreign Minister Abbas Araghchi emphasized the urgency of a unified response from regional and international stakeholders, particularly European nations, to address the ongoing challenges faced by Afghan immigrants in Iran.

Sports

Samimi Appointed as Secretary General of Iran’s Paralympic Committee: A New Era for Inclusivity in Sports!

January 12, 2025January 21, 2025

On January 12, 2025, the sports world witnessed significant developments, captivating fans globally. Major sporting events are in full swing, showcasing thrilling competitions across football, basketball, and tennis. Star athletes are delivering record-breaking performances, while injuries impact team dynamics and strategies. Teams are focusing on effective injury management and rehabilitation to maintain performance levels. Looking ahead, fans eagerly anticipate championship games, historic rivalries, and playoff matchups, promising more excitement. The current season is marked by intense competition and athlete resilience, keeping fans engaged as they await the unfolding stories in the ever-evolving landscape of sports.

Economy

Venezuela Officially Joins BRICS: A New Era in Global Alliances

January 28, 2025January 28, 2025

In a recent interview, Venezuelan President Nicolas Maduro expressed optimism about Venezuela’s future with BRICS, despite Brazil’s veto on its admission. He emphasized the need for reconciliation and collaboration among member nations, citing the historical aspirations of Simon Bolivar and Hugo Chavez for Venezuela’s inclusion. Maduro believes joining BRICS could enhance Venezuela’s economic opportunities, political alliances, and global representation. He argued that membership would allow for collaboration on development initiatives, benefiting infrastructure and social programs. Maduro’s statements reflect a hopeful outlook as Venezuela seeks to align with this influential coalition of emerging economies, navigating political challenges ahead.

Tourism

Iran Welcomes Nearly 6 Million Foreign Tourists in 2023, Reports UNWTO

May 28, 2024January 21, 2025

The UN World Tourism Organization (UNWTO) reports a significant increase in foreign tourist arrivals in Iran for 2023, reaching approximately six million—a 43% rise from 4.1 million in 2022. This resurgence follows the recovery of Iran’s tourism sector post-pandemic, where only 880,000 visitors were recorded in 2021. Iran improved its global ranking from 40th to 34th in tourism, driven by its cultural heritage and landscapes. While still far from top destinations like France, which hosted 100 million tourists, this growth positively impacts Iran’s economy and related sectors, signaling a hopeful future for its tourism industry.

Economy

Iranian Lawmaker Blasts Government for Cashing In on Currency Devaluation

December 25, 2024January 20, 2025

Recent changes to Iran’s official exchange rate have raised concerns about impending inflation, as reported by Hossein Samsami from the Iranian parliament’s economic committee. The government raised the rate from 550,000 to approximately 640,000 rials per dollar, aiming to profit from the National Development Fund, which could yield about 1 quadrillion rials from the public. The disparity between the official and free market rates has fueled corruption. While essential imports are subsidized at lower rates, the overall economic landscape remains challenging due to US sanctions and mismanagement. Samsami warns of severe inflation within months if systemic reforms are not implemented.