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US Announces New Sanctions on 17 Iranian Steel and Metal Firms

Steel News - Published on Mon, 13 Jan 2020

Image Source: middleeasteye.net
US Treasury Secretary Steven Mnuchin announced that US has imposed new sanctions on Iran's steel and metals exports. He said "The President is issuing an executive order authorizing the imposition of additional sanctions against any individual owning, operating, trading with, or assisting sectors of the Iranian economy including construction, manufacturing, textiles, and mining. Those would be both primary and secondary sanctions and that the executive order allows the US to designate other sectors in the future. Additionally, the US is announcing 17 specific sanctions against Iran's largest steel and iron manufacturers, three Seychelles-based entities, and a vessel involved in the transfer of products. The sanctions on 17 entities in the steel industry and some other shipping and trading entities, including some based in the Seychelles, are designed to cut off billions of dollars to Iran. US Office of Foreign Assets Control lists some of the entities now to be sanctioned as under
Al Mahdi Aluminum Company
Arfa Iron & Steel Company
Arfa Steel
Chadormalu Mining & Industrial Co
Esfahan Steel Company
Golgohar Mining and Industrial Company
Hormozgan Steel Company
Iran Alloy Steel Company
Iran Aluminium Company
Iranian Ghadir Iron & Steel Co
Iran's Aluminum Company
Khalagh Tadbir Pars Co
Khorasan Steel Company
Khouzestan Oxin Steel Company
Khouzestan Steel Company
Kish South Kaveh Steel Company
Mobarakeh Steel Company
National Iranian Copper Industries Company
Pamchel Asia Steel Group Company Limited
Pamchel Trading Beijing Co Ltd
Power Anchor Limited
Reputable Trading Source LLC Company
Saba Steel Company.
RIAL DEVALUATION

The move comes after President Donald Trump threatened new sanctions in response to the Iranian airstrikes last week targeting US military bases in Iraq.

Iran's main steel producers, excluding small private sector mills, exported 5.2 million tonnes of finished and semi-finished steel in the first nine months of the current Iranian year, a 19% increase from the same period last year. Most of Iran's steel exports go to countries in East Asia and the Middle East.
CompanyExport 9MYoY
Khouzestan Steel Company1.37 million tonnes-17%
Mobarakeh Steel Company1.1 million tonnes47%
South Kaveh Steel608,000 tonnes23%
Hormozgan Steel Company593,000 tonnes19%
 

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Posted By : Rabi Wangkhem on Mon, 13 Jan 2020
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