Mobarakeh Steel, the largest steelmaker in the Middle East-North Africa region, does not expect the new United States sanctions to affect its production, financial activities and exports.
On October 16, Mobarakeh Steel - along with a number of other Iranian companies - was added to the list of sanctioned entities by the US Office of Foreign Assets Control (OFAC)."Mobarakeh Steel Company... is used as a revenue stream for Bonyad Taavon Basij's economic conglomerate," the US Department of the Treasury said.Bonyad Taavon Basij is a network of corporations and financial institutions that the Treasury says provides "financial support to the Basij Resistance Force, a paramilitary force subordinate to Iran's Islamic Revolutionary Guard Corps."Some market participants were concerned that...