German industrial manufacturing giant Siemens said it was scaling back its Iran business after the reimposition of economic sanctions by the United States.

The Munich-based company explained it would take appropriate steps "to bring business activities in Iran in line with the changing multilateral situation."

Siemens said it would continue to ensure compliance with all export restrictions and regulations "including US secondary sanctions."

US President Donald Trump had slapped fresh punitive measures on Iran in early August after pulling out of the nuclear deal negotiated under his predecessor, Barack Obama. Trump accuses Tehran of financing terrorism.

The US Embassy in Germany welcomed the news in a post on Twitter, pointing out that Siemens was not the only German company to leave Iran.

Massive job cuts?

In a separate news release Friday, Siemens said a report by monthly Manager Magazin that it might cut 20,000 jobs as part of its Vision 2020+ strategy was "completely unfounded."

"We do not follow the reasoning behind the figures named in the article," the company said. "No statements of this kind were made."

Manager Magazin had claimed Siemens aimed to ensure savings from slimming down administrative costs at various divisions.

The report came after Siemens unveiled its new strategy, which sees its five industrial divisions combined into three operating firms to simplify the trains-to-turbines company and make its structure leaner.

hg/jd (dpa, Reuters)