Rising from the yellowish, treeless plains so typical for central Iran stands a square labyrinth of pipes and conveyor belts, topped by a silver chimney that glitters in the summer sun. Sanctions against Iran failed to halt the construction of the complex, a steel mill that went into operation in September and now churns out ingots and billets. The sanctions also did not stop Sheng Kuan Li, a Chinese businessman, from pouring $200 million into the project. Mr. Li is one of many Chinese investors who in recent years worked around the sanctions imposed on Iran by the United States and other world powers over Tehran’s nuclear program . His steel mill and other similar endeavors are the result of a strategic pact that gives China […]