PARIS: Iran has banned the export of steel products, local media on Tuesday reported customs authorities as saying, after airstrikes targeted its steel industry in the war with Israel and the United States.
Fars news agency reported a directive from the Islamic republic’s customs authorities “regarding the prohibition of the export” of steel, including slab, sheet and strip products, effective from April 26.
Steel is a strategically important material, vital for a range of industries as well as military production, including of missiles, drones and ships.
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Israel said days before a ceasefire took effect on April 8 that its airstrikes had destroyed 70 percent of Iran’s steel production capacity while also hitting petrochemical facilities and transport infrastructure.
The damage could have a long-term impact on Iran’s economy, which was already struggling under sanctions before the war, with inflation at nearly 50 percent.
Economic hardship and devaluations of the rial were key factors behind major anti-government protests at the start of the year.
The strain has only increased since the war started on February 28, according to Iranians who have spoken to AFP journalists based outside the country, with many saying work is scarce and the prices of basic necessities are up.
The war has sent economic shockwaves around the world, as Iran’s blockade of the Strait of Hormuz has cut off flows of oil, gas and fertiliser, causing prices to soar.
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