Iran’s largest steel producer, Mobarakeh Steel Company, has reported heavy losses to its production units following joint US-Israeli strikes on its facilities during the war, with attacks hitting multiple sites in Chaharmahal and Bakhtiari province.
Mobarakeh, the largest industrial company in Iran and the biggest steel complex in the Middle East, was considered a cornerstone of the country’s economy. Reactions on social media platforms reflected both anger at the regime and growing concern over the broader implications of the strikes. “Mobarakeh was the pride of Iran’s steel industry and a supplier of raw materials for thousands of factories. The most prominent company in Iran is gone,” one journalist wrote.
Another journalist said, “Unfortunately, I have learned from two independent sources that the extent of the damage to Mobarakeh is severe, and there are also casualties. It appears that this key industry will not return to production for a long time.”
Criticism of Iran’s leadership also intensified online. “It is difficult for all of us to hear this news. But we must remember that we need to continue along this path and move beyond the cursed regime of the Islamic Republic. A free Iran can be rebuilt, but Iran in the hands of bloodthirsty terrorists will always move toward destruction. As long as the regime does not surrender, we are likely to hear more bad news like this. To hell with the Islamic Republic,” another post read.
US-Israeli strategy aims at reducing Iran’s foreign currency revenues
According to one analyst, the strikes on the steel industry, alongside discussions about a potential takeover of Kharg Island, point to a broader US-Israeli strategy aimed at reducing Iran’s foreign currency revenues to near zero. “If this is the case, petrochemical industries are also likely to become targets in the near future,” he said.
“These sectors form the backbone of the country’s foreign currency income. Cutting off these vital economic arteries would effectively aim to trigger a collapse of the Iranian economy, something that may not be far off, given its already weakened state, potentially within six to 18 months if these industries are destroyed or controlled,” he added. He noted that these targets differ from those in the gas and electricity sectors, which primarily serve domestic consumption.
In recent days, the United States has significantly increased its military presence in the Middle East, deploying amphibious warships, aircraft, and thousands of Marines and sailors. Against this backdrop, speculation is growing that Washington may be considering taking control of Kharg Island.
Located off Iran’s coast, Kharg Island is a critical hub for the country’s oil exports, with an estimated 90% of Iran’s oil shipments passing through its facilities. The island serves as a central energy distribution point, with infrastructure capable of handling large oil tankers and storing tens of millions of barrels. Any disruption to Kharg Island could have a direct and destabilizing impact on Iran’s economy. CNN has examined the risks of such a move, noting that Iran has long been preparing for the possibility of a US attempt to seize the island.