Jan 11, 2020, 6:22 PM
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US sanctions on Hormuzgan Steel have no impact on domestic, foreign activities

Bandar Abbas, Jan 11, IRNA - New US announcement that Hormuzgan Steel is in the list of sanctioned companies is mostly promotional and has no impact on its economic activity at home and abroad.

Managing Director of Hormuzgan Steel Farzad Arzani noted on Saturday that the US goal is to restrict companies’ access to sales and trading networks, while Hormuzgan Steel has had its own commercial and independent relationship and the recent sanctions have not affected its operations.

According to Hormuzgan Steel Public Relations on Saturday, Arzani said that these sanctions are a show-off by the United States rather than affecting the Iranian economy.

He stated that one of the opportunities created by the sanction is the launch of an indigenization movement in the country's industry.

Arzani highlighted that with the clever tactics of many years ago in the field of resistive economy and reliance on domestic power, Hormuzgan Steel has put in place the strategy of indigenization and use of capabilities within the country.

According to the official, Hormuzgan Steel supplies much of its components and materials using internal power and, in a few cases, replaces other sources, reducing its dependence on the field and managing it optimally.

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