German steelmaker ThyssenKrupp AG has announced that its board has resolved with immediate effect not to enter into any new contracts with Iranian customers, upholding stricter US sanctions against Iran (Iran Sanctions Act).
The latest executive board decision prohibits all new business with Iran and thus goes beyond the current sanction measures, which relate primarily to the oil and gas sectors. Existing ThyssenKrupp interests in Iran are to be terminated as quickly as possible, the company said.
"By halting business with Iran we are supporting the sanctions policies of the Federal Republic of Germany, the EU and the USA," said Dr. Ekkehard Schulz, executive board chairman of ThyssenKrupp AG.