Iran’s Association of Steelworkers has announced that over 40 percent of the steel industry has now been shut down.

ILNA reports that Jahanbakhsh Shokri, an association member, said: “Since last year, 40 percent of steel producers in the private sector have been shut down.”

Shokri added that unfortunately the market has not seen any positive changes this year, and the recession in the industry appears to be deepening in the current year.

Shokri says the steel producers have now turned to the housing industry or non-manufacturing work.