Tehran Times daily reported that Iran has liberated exports of steel products by mid June in a bid to give an incentive to domestic producers.

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

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% compared to November 2012, semi official ISNA news agency reported.

According to Tehran Times, Iran plans to increase its annual steel output to 55 million tons by the end of the Fifth Five-Year Development Plan (2015). 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 program.