Iran earns $3M in steel product exports despite US sanctions

Business Materials 10 May 2019 09:54 (UTC +04:00)

Tehran, Iran, May 10


The aim of recent US sanctions on Iran are the companies that work with the US, or companies that own shares of US companies. Other companies that aren't in that range, won't be hurt by sanctions, Head of Iran Steel Producers Association Bahram Sobhani told Trend.

He touched upon the country's steel production volume during the last Iranian year (started March 21, 2018).

"In general, the country's production units have produced 25 million tons of steel last year," he said.

"Around 8 million tons of steel products worth $3 million have been exported, that is about 30 percent of the 25 million tons of produced steel," Sobhani said.

"The exported steel product revenues were mostly from production surpluses, for example Khouzestan Steel Company and Hormozgan Steel had foreign currency revenues surpluses, so that revenue was returned it Iran's economic system," he added.

Referring to diversity of steel products in the country he said that it includes "rebar, girder, hot rolled sheets and cold rolled sheets, galvanized sheets and tinning coated sheets."

US President Donald Trump has recently announced the impose of new sanctions on Iran's iron, steel, aluminum and copper sectors. The move comes hours after Iran’s leaders said they would cease to implement some of its commitments under the 2015 nuclear accord, putting the deal at risk of collapse. Trump withdrew the US from the deal last year.