Khouzestan Steel: The Market Leader of Iran’s Steel Industry in 2024 (1403)
Despite unprecedented energy restrictions, Khouzestan Steel Company managed to achieve a 4.2% growth in meeting domestic market demand in 2024 (the Iranian year 1403). The total volume of the company’s product transactions on the Iran Mercantile Exchange (IME) rose from 2,402,645 tons in 2023 to 2,502,625 tons in 2024.
Although the company lost 980,000 tons of steel production in 2024 due to severe energy limitations—the highest lost tonnage among all steel producers in the country—it still emerged as the undisputed leader in the billet and slab market.
As the largest supplier of steel billets in Iran, Khouzestan Steel played an irreplaceable role in meeting the needs of rolling mills and downstream industries. In 2024, the company traded 1,220,675 tons of steel billet on the IME, accounting for 17.8% of all billet transactions in the country. The total volume of billet transactions in Iran during the same year reached 6,864,032 tons.
In the slab market, Khouzestan Steel also secured the top position. The company traded 676,000 tons of slab on the IME in 2024, capturing 38.7% of the national slab market share. The total slab transactions in Iran reached 1,747,700 tons. In both billet and slab segments, Khouzestan Steel maintained a dominant lead over its competitors.
The company also had a stellar performance in the sponge iron market. Its sponge iron transactions on the IME in 2024 reached 605,950 tons—showing a remarkable 154% jump compared to 2023, when the volume stood at 238,700 tons. For the first time in its history, Khouzestan Steel became a major player in the sponge iron market, acquiring a 6.4% market share.
Additionally, the Khouzestan Steel Group, including Khouzestan Steel, Shadgan Steel, and Qaenat Steel, traded a total of 1,695,150 tons of sponge iron on the IME, achieving a 17.9% share of the national sponge iron market. The total sponge iron transactions in Iran for 2024 amounted to 9,456,450 tons.
These significant accomplishments—achieved through scientific planning, effective management, and the relentless effort of the company’s staff—came despite the heavy production loss of 980,000 tons due to energy shortages. In response, and to ensure long-term stability, Khouzestan Steel acquired a 540 MW power plant at the end of 2024. It also launched construction of three solar power plants with a combined capacity of 600 MW during the same year.
Khouzestan Steel’s achievements in 2024, in the face of energy-related obstacles, reflect the company’s strong capabilities and unwavering commitment to supplying domestic market needs. Despite all the challenges and adversities, Khouzestan Steel stood as the market leader of Iran’s steel industry in 2024—demonstrating its prominent position within the country’s industrial landscape.
(By Maziyar Jafarieh)