BREAKING NEWS

S. Korean POSCO cuts back on Iran steel business

By REUTERS

MARCH 12, 2013 19:25

LONDON - 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, a letter showed.

Tough Western measures imposed on Iran over its disputed nuclear programme 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 aluminium 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.

"Certain of POSCO's subsidiaries continue to engage in transactions in Iran," POSCO's chief legal officer Song Se-Bin wrote in the letter.

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