US imposes new sanctions on Iranian steelmakers

US imposes new sanctions on Iranian steelmakers

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The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced its decision to sanctioned 12 Iranian producers of steel and other metal products, and three foreign-based sales agents of a major Iranian metals and mining holding company, as well as a China-based supplier of graphite electrodes Kaifeng Pingmei New Carbon Materials Technology Co., Ltd., as the company sold materials and equipment to an Iranian steel company. The Iranian metals sector is an important revenue source for Iran.

The combined annual output capacity of the sanctioned companies reach millions of metric tons of steel products. The Pasargad Steel Complex is operating a complex capable of producing 1.5 million mt of steel billets per year. The Gilan Steel Complex Company maintains a hot rolling mill with a 2.5 million mt capacity and a cold rolling mill with an annual capacity of 500,000 mt.

The sanctions are also valid for Iranian steelmakers Khazar Steel Co., Vian Steel Complex, South Rouhina Steel Complex, Yazd Industrial Constructional Steel Rolling Mill, West Alborz Steel Complex, Esfarayen Industrial Complex, Bonab Steel Industry Complex, Sirjan Iranian Steel, and Zarand Iranian Steel Company.

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