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ThyssenKrupp freezing all new business with Iran

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.

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