SCHMOLZ + BICKENBACH not affected by US sanctions
Lucerne, April 9, 2018 – SCHMOLZ + BICKENBACH, a global leader in special long steel, today announced that the Group expects not to be materially affected by the sanctions imposed by the US government on its shareholder Viktor F. Vekselberg and his Renova Holding.
Viktor F. Vekselberg holds substantially less than 50% of the total capital of SCHMOLZ + BICKENBACH through his investment companies. As a result and given the composition of its shareholder basis, SCHMOLZ + BICKENBACH does not consider itself a Specially Designated National (SDN) under Executive Order 13662 of the US Office of Foreign Assets Control (OFAC). Based on current knowledge, SCHMOLZ + BICKENBACH does not expect the sanctions to have a material impact on its business, neither in the United States of America nor in other parts of the world.