Three co-ordinated Israeli strikes hit all of Iran’s largest steel plants simultaneously on March 28. Iran issued evacuation orders for six of the largest steel plants in neighbouring Gulf countries as well as Israel as it prepared to retaliate.

As bne IntelliNews reported, the war has entered a new phase as it changes from mere disruption to destruction of the most important assets in the region that could put economic development back decades and will spread to affect the global economy.

Israel hit the Mobarakeh, Esfahan and Khuzestan steel mills, which form the backbone of Iran's non-oil economy. Together, the facilities account for roughly 70% of Iran’s total steel output.

Iron and steel represent Iran’s second-largest export category after oil and gas, valued at $6.48bn, and serve as a primary source of hard currency outside oil revenues.

Mobarakeh produces flat steel used in automotive manufacturing and pipelines, while Esfahan manufactures structural beams and railway rails. Khuzestan supplies raw slabs that feed downstream factories across the country.

Steel has emerged as Iran’s leading non-oil export in recent years, supported by the availability of domestic iron ore and natural gas, which keeps production costs relatively low. The sector has provided a critical source of foreign currency during periods when oil revenues have been constrained by sanctions.

Iran issued evacuation orders for six of the largest steel producers in the Middle East the same day, in a retaliatory move following Israeli strikes on Iranian steel plants and infrastructure the day before.

The companies targeted by Tehran include Saudi Hadeed Steel, Emirates Steel Arkan (ADX: EMSTEEL), Qatar Steel, Bahrain-based Foulath Holding, Kuwait’s United Steel Industrial Company and Israel’s Yehuda Steel.

The Iranian steel sector has become increasingly important to Tehran’s non-oil export revenues in recent years. Iran is one of the world’s top 10 steel producers, according to the World Steel Association, and has sought to expand capacity despite sanctions affecting its energy and industrial sectors.

Emirates Steel Arkan, the UAE’s largest publicly listed steel and building materials group, operates integrated manufacturing facilities in Abu Dhabi and plays a central role in supplying domestic and export markets.

Saudi Hadeed Steel, a subsidiary of Saudi Basic Industries Corporation (SABIC) (TADAWUL: 2010), is among the kingdom’s leading steel producers and a key supplier to its construction sector.

 

Three co-ordinated Israeli strikes hit all of Iran’s largest steel plants simultaneously on March 28. Iran issued evacuation orders for six of the largest steel plants in neighbouring Gulf countries as well as Israel as it prepared to retaliate.

As bne IntelliNews reported, the war has entered a new phase as it changes from mere disruption to destruction of the most important assets in the region that could put economic development back decades and will spread to affect the global economy.

Israel hit the Mobarakeh, Esfahan and Khuzestan steel mills, which form the backbone of Iran's non-oil economy. Together, the facilities account for roughly 70% of Iran’s total steel output.

Iron and steel represent Iran’s second-largest export category after oil and gas, valued at $6.48bn, and serve as a primary source of hard currency outside oil revenues.

Mobarakeh produces flat steel used in automotive manufacturing and pipelines, while Esfahan manufactures structural beams and railway rails. Khuzestan supplies raw slabs that feed downstream factories across the country.

Steel has emerged as Iran’s leading non-oil export in recent years, supported by the availability of domestic iron ore and natural gas, which keeps production costs relatively low. The sector has provided a critical source of foreign currency during periods when oil revenues have been constrained by sanctions.

Iran issued evacuation orders for six of the largest steel producers in the Middle East the same day, in a retaliatory move following Israeli strikes on Iranian steel plants and infrastructure the day before.

The companies targeted by Tehran include Saudi Hadeed Steel, Emirates Steel Arkan (ADX: EMSTEEL), Qatar Steel, Bahrain-based Foulath Holding, Kuwait’s United Steel Industrial Company and Israel’s Yehuda Steel.

The Iranian steel sector has become increasingly important to Tehran’s non-oil export revenues in recent years. Iran is one of the world’s top 10 steel producers, according to the World Steel Association, and has sought to expand capacity despite sanctions affecting its energy and industrial sectors.

Emirates Steel Arkan, the UAE’s largest publicly listed steel and building materials group, operates integrated manufacturing facilities in Abu Dhabi and plays a central role in supplying domestic and export markets.

Saudi Hadeed Steel, a subsidiary of Saudi Basic Industries Corporation (SABIC) (TADAWUL: 2010), is among the kingdom’s leading steel producers and a key supplier to its construction sector.