Thyssenkrupp receives billions in state aid

thyssenkrupp receives billions in state aid

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 the k bank group, according to company sources.

A company spokesman would not comment on the credit. He referred to earlier comments that, like other companies, they were examining "whether and which of the financing aids offered to companies by the public sector might be considered for thyssenkrupp". The "handelsblatt" had previously reported on the loan.

The group, which is in serious financial difficulties, needs state aid to bridge the time until it receives the money from the sale of its elevator division. Thyssenkrupp sold its most profitable business to a consortium of financial investors for 17.2 billion euros. Approvals from antitrust authorities still needed for the deal to go through. Corporate circles expect the money to be ready to fly in the summer.

Thyssenkrupp plans to use the money from the sale to reduce debt and finance the group’s reorganization. The board of management plans to present the concept for the new strategy to the supervisory board in may.


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