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Korean steelmaker severs ties with Iranian gov't entities
- Iran: Wednesday, March 13 - 2013 at 02:37
South Korean steelmaker POSCO has cut ties with government entities and sensitive industries in Iran, but continues to trade with private firms, Reuters has reported. In a letter sent to U.S. pressure group United Against Nuclear Iran (UANI) dated February 28, POSCO, minority-owned by Warren Buffett's Berkshire Hathaway, 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. "However, these transactions involve only the civil market. Moreover, these POSCO entities engage in transactions only with Iranian entities that POSCO believes, based on its best due diligence efforts, are not owned or controlled by the Iranian government."
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