US keeps targeting Iran metal industry with more sanctions
Iran Press TV
Thursday, 25 June 2020 5:31 PM
The United States has, in its most recent move to target Iran's record-holding metal industry, issued sanctions against four steel, aluminum, and iron companies operating in the Islamic Republic, and also taken aim at the sales of Iran's largest steel manufacturer.
On Thursday, the US Treasury Department said in a statement that it had imposed sanctions on Tara Steel Trading GmbH, an offshore subsidiary of Mobarakeh Steel Co., three overseas' sales agents serving the steel company, and Iran-based Metil Steel.
The Treasury said the sales agents "generated tens of millions of dollars annually from the foreign sale of Mobarakeh Steel Company products, providing significant contributions to the billions of dollars generated overall by Iran's steel, aluminum, copper, and iron sectors."
Mobarakeh Steel Co is the largest flat steel producer in the Middle East and North Africa and contributes 1% to Iran's gross domestic product, the statement added.
The United States returned its sanctions against Iran after illegally and unilaterally leaving a historic nuclear accord between the Islamic Republic and major world powers that has been endorsed by the United Nation Security Council as a resolution.
Thursday's action also blacklisted three large aluminum, steel, and iron producers in Iran, similarly claiming they contributed billions of dollars in sales and export of Iranian metals.
The sanctions came after back-to-back signs that the bans have failed to adversely affect the country's metal works.
A report in May showed that daily crude steel output at the Chadormalo factory, a major mill located in eastern Iran, had reached an all-time high of 3,887 metric tons.
In January, the country had reported that it expected its steel exports to touch 10 million tonnes in the year running to March 21, 2020.
Back in July 2019, the country operationalized its first alumina refinery, setting a milestone in its production of the strategic metal.
|Join the GlobalSecurity.org mailing list|