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ThyssenKrupp freezes new business in Iran

Germany's largest steelmaker is the latest in a string of German companies reducing business ties to Iran.


September 23, 2010 1:35 by

ThyssenKrupp said its management board has decided to freeze all new business with Iran and terminate existing contracts there as soon as possible.

Germany’s largest steelmaker is the latest in a string of German companies reducing business ties to Iran in protest of the Islamic republic’s nuclear policy.

German carmaker Daimler earlier this year announced plans to sell its stake in an Iranian engine maker and freeze planned exports to Iran, following similar actions by Siemens , Munich Re and Allianz .

ThyssenKrupp was part-owned by Iran for many years stemming from the Shah’s regime in 1970s, until the company bought enough of its remaining shares in 2003 to avoid being put on a U.S. government blacklist.

(Reporting by Maria Sheahan)


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