As Trump's term nears end, US imposes fresh sanctions on Iran

• 12 Iranian steel and metal makers blacklisted by US
• Trump administration imposes fresh sanctions to deny revenue flowing to the Iranian regime
• Three-foreign based sales agents also blacklisted

With the Trump administration nearing tenure end, the United States has imposed fresh sanctions on Iran.

The US Treasury Department said in a statement that 12 Iranian steel and metal makers, and three foreign-based sales agents of an Iranian metals and mining holding company have been blacklisted. 

“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,” US Treasury Secretary Steven Mnuchin said in the statement.

Read more: Trump adamant on reimposing Iran sanctions with controversial 'snapback'

Among the 12 Iranian companies blacklisted are the Pasargad Steel Complex and the Gilan Steel Complex Co, both of which were designated under Executive Order 13871 for operating in the Iranian steel sector.

The others are Iran-based Middle East Mines and Mineral Industries Development Holding Co (MIDHCO), Khazar Steel Co, Vian Steel Complex, South Rouhina Steel Complex, Yazd Industrial Constructional Steel Rolling Mill, West Alborz Steel Complex, Esfarayen Industrial Complex, Bonab Steel Industry Complex, Sirjan Iranian Steel and Zarand Iranian Steel Co.

The Treasury said it was also designating MIDHCO’s Germany-based subsidiary GMI Projects Hamburg GmbH, its China-based World Mining Industry Co Ltd and UK-based GMI Projects Ltd for being owned or controlled by MIDHCO.

Read more: US vows to 'snapback' after UN rejects bid to reinstate Iran sanctions

One of the companies is China-based Kaifeng Pingmei New Carbon Materials Technology Co Ltd. (KFCC). The treasury department said the company specialises in the manufacture of carbon materials and provided thousands of metric tonnes of materials to Iranian steel companies between December 2019 and June 2020.

No one at KFCC, which makes graphite electrodes, was available for comment on Wednesday. Filings show the company is owned by Henan Yicheng New Energy, which said it was unaware of the situation.

Shares in Yicheng, which is ultimately controlled by China’s Henan province, fell as much as 6.7% to a two-week low on Wednesday. When Yicheng was buying KFCC in 2019, it said exports - to Southeast Asia, the Middle East, and Europe - accounted for about half of KFCC’s core business.