ThyssenKrupp freezing all new business with Iran

Article by Christian A., on September 25, 2010

Because of the harsher sanctions on Iran, ThyssenKrupp AG is freezing all new business with the Islamic republic immediately and will end existing contracts there as soon as possible.

Last Thursday, Ekkehard Schulz, chief executive of Germany's biggest steelmaker, said that in withdrawing its business with Iran, it is showing its support for the sanctions policies of the Federal Republic of Germany, the European Union and the US.

ThyssenKrupp is the latest German company to cut business ties to Iran. Earlier this year, Daimler AG said it would sell its stake in an Iranian engine maker and freeze planned exports to Iran.

ThyssenKrupp made the announcement a day after foreign ministers of major powers informed Iran they wish for an early negotiated solution to the stand-off.

Western nations have been urging Iran to go back to the negotiating table over its nuclear program, which is suspected to be aimed at making nuclear weapons. Tehran asserts that this program is mainly for peaceful purposes.

ThyssenKrupp was partly owned by Iran for several years, from the Shah's regime in 1970s, until the company purchased a sufficient number of its remaining shares in 2003 to avoid being placed on a US government blacklist. [via Reuters]

Topics: iran

If you liked the article, share on:

Comments

Recommended

It’s pretty neat if you possess something of an extraordinary breed like, say, the Pagani Huayra. There are after all just a total of 100 units ever been built by...
by - April 28, 2017
If you’ve ever visited an arcade, chances are you have already seen a Logitech G920 wheel. If that doesn’t ring a bell, it’s the steering wheel that you use when...
by - April 28, 2017
Toyota Motor Corporation disclosed that it will be bringing two of its Mirai fuel cell vehicles to China by October of this year. Tests will then be conducted on these...
by - April 28, 2017
Jaguar fans, as well as auto enthusiasts in general, has a reason to celebrate this week as the brand gave everyone a peek of the new 2018 XF Sportbrake. This...
by - April 28, 2017
BMW has revealed that its i brand has partnered with TED in order to launch a worldwide search of unique ideas under the title “NextVisionaries.” This brand has long been...
by - April 28, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries