Iran says its steel companies surviving crisis, US sanctions

Business Materials 13 January 2020 15:28 (UTC +04:00)
Iran says its steel companies surviving crisis, US sanctions

TEHRAN, Iran, Jan.13


Iran's stock market was not affected by the new US sanctions and the value of steel companies shares have not dropped, said the CEO of Tehran Stock Exchange Ali Sahraie, Trend reports via ILNA.

"Iran's stock market has surpassed the crisis," he said.

"Some of the companies on the new US sanction list have already been sanctioned, therefore the capital market did not react to new sanctions. The shares of these steel companies have not dropped or put on sale," said Sahraie.

"Sanctions create limitation however these sanctions were not new and Iranian companies are able to avoid them, although we do not deny the rising cost of sales due to these sanctions. However, for some sectors, these sanctions are opportunities," Sahraie said.

"Domestic companies have replaced foreign companies after sanctions. Iranian companies are using domestic companies to keep the production up. This also helps maintain employment," Sahraie said.

The Trump administration imposed new sanctions against 17 steel and mine producing companies of Iran on Friday, alongside a network of three entities based in China and Seychelles alongside a vessel involved in the transfer of steel products.