GIOIA TAURO, Italy — From its headquarters in Calabria, the poorest, least-developed region in Italy, Gruppo Ventura looked out on the world and spotted a potentially lucrative growth opportunity — Iran.
The family-owned company installs railroad tracks. The Italian economy was sluggish, while Iran was poised to develop rapidly, having promised to abandon its pursuit of nuclear weapons in exchange for relief from crippling international sanctions.
The deal that Gruppo Ventura struck last year with an Iranian partner was modest, but the possibilities seemed big. Then, President Trump withdrew the United States from the Iran nuclear deal, dealing a blow to companies across Europe. A few weeks later, Mr. Trump imposed tariffs on steel and aluminum, provoking outrage among European allies, while threatening to make steel more expensive.
