US sanctions are surprise boon to Iran's steel exports
Tehran (Kna) - Iran’s dramatic currency depreciation has had beneficiaries, foremost in its burgeoning steel industry which has seen exports remain steady despite the new US sanctions.
Last August, the US reenacted its secondary sanctions against Iran’s steel and aluminum products, gold and precious metals, graphite and coal to choke off the country’s vital revenue streams.
Further sanctions were imposed in November to target its lifelines in the oil, energy and shipping sectors, leading to a drop by several hundred thousand barrels per day in oil exports.
However, the metals industry has taken it all in its stride and even been boosted by the lower rial which has made steel exports highly competitive on world markets.