US imposes sanctions against Iran-related steel companies

The Office of Foreign Assets Control of the US Treasury Department imposed sanctions against four metallurgical, aluminum and iron companies operating in the metallurgical sector of Iran. The department said that “Mobarakeh Steel Company annually provides millions of dollars to Iranian investment firm Mehr Eqtesad, an organization with close ties to Iran’s Basij paramilitary forces controlled by IRGC, and its Bonyad Taavon Basij. Collectively, the subsidiaries designated today to Help tens of millions of dollars a year from the sale of Mobarakeh Steel Company products. ”

The German company Tara Steel Trading, a 100% subsidiary of Mobarakeh Steel, was dedicated to the wholesale of metals and metal ores in Europe.

UAE-based Pacific Steel, Better Future General Trading Co and Tuka Metal Trading have also been identified as Mobarakeh Steel Company controlling agents and trading companies that import and export Iranian steel products in the region. Methyl Steel, an Iranian steel producer and exporter, has also been named the majority shareholder in Mobarakeh Steel.

The actions, announced on June 25, also target the three largest aluminum, steel and iron producers in Iran, including South Aluminum Co., Sirjan Jahan Steel Complex, and Iran Central Iron Ore Co.

Leave a Reply

Your email address will not be published.

You may use these <abbr title="HyperText Markup Language">HTML</abbr> tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>