US slaps new sanctions on Iran steel companies

The US Treasury imposes new sanctions targeting Iran’s steel sector, slapping penalties on a dozen Iranian companies, three foreign holding companies of Iranian firms, and one China-based manufacturer that supplies graphite electrodes to the Islamic Republic.

“The Iranian metals sector is an important revenue source for the Iranian regime, generating wealth for its corrupt leaders and financing a range of nefarious activities, including the proliferation of weapons of mass destruction and their means of delivery, support for foreign terrorist groups, and a variety of human rights abuses, at home and abroad,” says the US Treasury.

The announcement comes after Iran announced Monday it would begin enriching uranium to 20%, for the first time since 2015.

“The Trump Administration remains committed to denying revenue flowing to the Iranian regime as it continues to sponsor terrorist groups, support oppressive regimes, and seek weapons of mass destruction,” said Secretary Steven T. Mnuchin.