Reuters: POSCO Cuts Back on Iran Steel Business
03/12/2013 - South Korean steelmaker POSCO, minority-owned by Warren Buffett's Berkshire Hathaway, has cut ties with government entities and sensitive industries in Iran such as energy and continues to trade with private firms, Reuters reports a letter as saying.
South Korean steelmaker POSCO, minority-owned by Warren Buffett's Berkshire Hathaway, has cut ties with government entities and sensitive industries in Iran such as energy and continues to trade with private firms, Reuters reports a letter as saying.
Tough Western measures imposed on Iran over its disputed nuclear program have hit many sectors of its economy including steel and other metals, where it is heavily dependent on imports. Tehran says its atomic work is peaceful.
Earlier this month, intelligence and diplomatic sources told Reuters commodities giant Glencore had supplied thousands of tonnes of alumina to an Iranian firm that provided aluminum to Iran's nuclear program.
Separately, Swiss-based trade house Trafigura confirmed it had traded with the Iranian firm that the EU says has links to Iran's nuclear program.
In a letter sent to U.S. pressure group United Against Nuclear Iran (UANI) dated Feb. 28 and seen by Reuters, POSCO, a top global steelmaker, said it had scaled down business with Iran…
