The corona pandemic caught steel giant ThyssenKrupp on the wrong foot. The group previously had major financial problems and is now getting the support of the state.
Essen (dpa) - Thyssenkrupp receives extensive financial support from the state in the corona crisis. The steel and industrial group has secured a loan of around one billion euros from KfW Bankengruppe, as it was said in corporate circles.
A corporate spokesman did not want to comment on the loan. He referred to earlier statements, such as other companies, "whether and which of the public financial aid offered to companies for Thyssenkrupp are eligible". The "Handelsblatt" had previously reported on the loan.
The group, which is in great financial difficulty, needs state aid to bridge the time until the funds from the sale of its elevator business are received. Thyssenkrupp had sold its most profitable business segment to a consortium of financial investors for 17.2 billion euros. Approval from the antitrust authorities is still missing for the completion of the business. Corporate circles expect that the money can flow in the summer.
Thyssenkrupp wants to use the money from the sale to reduce debts and finance the restructuring of the group. The management board plans to present the concept for the new strategy to the supervisory board in May.
