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U.S. Targets Iranian Steel, Mining Sectors With New Sanctions

An Iranian steel factory in Isfahan (file photo)

The United States has announced new economic sanctions on Iran, targeting its steel and mining industries, as Washington tries to turn up the pressure on Tehran.

The move, announced by President Donald Trump on May 8, comes as a U.S. aircraft carrier battle group heads to the waters near Iran, and Secretary of State Mike Pompeo paid an unannounced visit to Iran's neighbor, Iraq.

The new sanctions target Iran's steel, copper, aluminum, and mining sectors, all key sources of revenue for the country.

Washington has already moved to restrict oil exports, the country's largest source of hard currency.

"Tehran can expect further actions unless it fundamentally alters its conduct," Trump said in a statement released by the White House. "I look forward to someday meeting with the leaders of Iran in order to work out an agreement and, very importantly, taking steps to give Iran the future it deserves."

Earlier on May 8, Iran's president announced that the country will resume high level enrichment of uranium if world powers do not protect its interests against U.S. sanctions.