U.S. Renews Economic Sanctions against Iran and Cracks Iran's Steel Capacity Expansion Project

U.S. President Trump announced on Tuesday that the U.S. government will implement "the highest level of economic sanctions" against Iran. Once the United States withdraws from the Iranian nuclear agreement in 2015, it will significantly slow Iran’s expansion of its steel production capacity, and its impact on steel and iron ore exports will be relatively limited.

Since 2015, Iran has been working hard to promote the development of the national steel industry. The project plans to increase Iran’s steel production capacity from the current 32 million tons per year to 55 million tons per year in 2025, almost doubling its capacity.