10 months ago

The US imposes sanctions on Iranian steel companies

10 months ago

The United States on Thursday imposed sanctions against four Iranian companies in the metals sector, Reuters reports.

It is also reported that sanctions have also been imposed on sales agents for Iran’s largest steel producer, which generate tens of millions of dollars for Tehran’s steel industry.

According to the US Treasury, sanctions were imposed against the following companies: Mobarakeh Steel’s subsidiary in Germany, Tara Steel Trading GmbH, three sales agents based in the UAE, most of which are owned by Iran’s steel company Metil Steel.

According to a statement by the US Treasury Department, sales agents “generated tens of millions of dollars annually from overseas sales of Mobarakeh Steel products, making a significant contribution to Iran’s steel, aluminum, copper and iron sectors.”

According to the US Treasury, Mobarakeh Steel is the largest producer of strip steel in the Middle East and North Africa, and it accounts for 1% of Iran’s GDP.

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