The deals involve smart equipment, intelligent manufacturing projects, rolling mills, and blockchain cross-border platform, according to the country's top steel-maker.

The crude steel output from January to September hit 781.59 million tons, up 4.5 percent from a year ago.

On November 6, POSCO and Tata Steel sign an agreement for business and technical cooperation of Hyperloop, an eco-friendly transportation.

UK-Australian iron ore mining firm BHP has signed an agreement with Chinese steelmaker China Baowu to invest up to $35mn in jointly seeking technical solutions to reduce carbon emissions in steelmaking.

China's steel exports in October rose by 5.2pc from September to 4.04mn t as Chinese mills shifted supplies to overseas markets with falling domestic prices.

January-October imports rose by 73.9pc from a year earlier to 17.71mn.

The ministry’s seven main axes of the surge in production are going to be pursued under 40 major programs.

Of the $620 million worth of Iran’s constructional exports in the past Iranian calendar year (ended on March 19), just $1.5 million has been to Africa.