The US Department of Treasury's Office of Foreign Assets Control (OFAC) blacklisted four Iranian metal sector organizations along with their foreign subsidiaries, on 23 July 2020. One German subsidiary and three in the United Arab Emirates – owned and controlled by Iran's biggest steel manufacturer, Mobarakeh Steel Company – were also blacklisted by Washington for yielding millions of dollars for Iran's aluminum, steel, iron, and copper sectors. The sanctions froze all US assets controlled by the companies in question and further prohibited Americans from associating with them.