May 17, 2018 / 12:01 PM / a year ago

Italy's Danieli Iranian orders blocked after U.S. decision on nuclear deal

MILAN (Reuters) - Italian steel manufacturer Danieli has halted work on finding financial coverage for orders it won in Iran worth 1.5 billion euros ($1.8 billion) following the U.S. withdrawal from the 2015 Iran nuclear deal.

“With the withdrawal of the U.S. from the treaty the banks are no longer ready to fund Iranian projects for fear of secondary sanctions,” Danieli CEO Alessandro Trivillin said on Thursday.

In 2016 Danieli signed a framework commercial agreement with Iran worth about $5.7 billion.

Reporting by Giancarlo Navach, writing by Stephen Jewkes

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