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The Associated Press September 23, 2010, 1:28PM ET

Germany's ThyssenKrupp halting its Iran business

German steel and machinery company ThyssenKrupp AG says it is halting its business dealings in Iran.

The company said Thursday it will fade out its existing Iran business and won't enter any new contracts, a move meant to support the international sanctions against Iran.

Spokesman Alexander Wilke said Iran business in the last fiscal year amounted to barely 0.5 percent of the company's revenue of euro40 billion ($53 billion), totaling around euro200 million.

Iran has defied several rounds of increasingly restrictive sanctions -- the last of which adopted by the United Nations and the U.S. respectively in June and July -- aimed at compelling Tehran to prove it is not building a nuclear weapons program.

ThyssenKrupp follows similar decisions by Germany's Siemens AG or Deutsche Bank AG.

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