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Germany’s ThyssenKrupp halts all business in Iran

Posted by Zand-Bon on Sep 23rd, 2010 and filed under INTERNATIONAL NEWS FOCUS, International Companies in Business with Iran, News, Sections. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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By Maria Sheahan


September 23, 2010

FRANKFURT – ThyssenKrupp said it wouldfreeze all new business with with immediate effect andterminate existing contracts there as soon as possible inresponse to ever-harsher sanctions against the Islamic Republic.

“By halting with Iran we are supporting thesanctions policies of the Federal Republic of Germany, theEuropean Union and the United States,” Ekkehard Schulz, chiefexecutive of Germany’s biggest steelmaker, said on Thursday.

ThyssenKrupp is the latest in a series of German companiesreducing business ties with Iran.

Carmaker Daimler said earlier this year it would sell itsstake in an Iranian engine manufacturer and freeze plannedexports to Iran, following similar moves by Siemens, Munich Re and Allianz.

A spokesman for ThyssenKrupp said Iran accounted for lessthan 0.5 percent of group revenues of 40.6 billion euros ($54.42billion) in its fiscal year that ended on Sept. 30, 2009.

Most of ThyssenKrupp’s existing business in Iran comprisedengineering for cement factories, he said.

“The latest executive board decision prohibits all newbusiness with Iran and thus goes beyond the current sanctionsmeasures, which relate primarily to the petroleum sector (oiland gas0,” ThyssenKrupp said in a statement.

ThyssenKrupp announced it decision a day after foreignministers of major powers told Iran they hoped for an earlynegotiated solution to the stand-off over its nuclear programme.

Western countries have urged Iran to return to thenegotiating table over its nuclear programme, which they fear isaimed at producing nuclear weapons. Tehran says the programme ispurely for peaceful purposes.

ThyssenKrupp was part owned by Iran for many years from theshah’s era in 1970s until the company bought enough of itsremaining in 2003 to avoid being put on a U.S. governmentblacklist. (Reporting by Maria Sheahan; editing by Andrew Dobbie)

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