ThyssenKrupp May Separate Steel Unit for State Support

ThyssenKrupp May Separate Steel Unit for State Support

Reuters reported that Thyssenkrupp is considering carving out its steel division to seek state aid from Germany's economic stabilisation fund in a bid to rescue

the ailing business. Andreas Pinkwart, economy minister of North Rhine-Westphalia, Germany’s most populous state and where Thyssenkrupp is based, said talks with the conglomerate over state aid were ongoing and that various options were being discussed. He said “At the moment we’re seeing that the company and also the labour representatives are leaning towards carving out steel and putting it under the economic stabilisation fund WSF.”

He said the scenario was being examined by Germany’s Finance Minister Olaf Scholz and Economy Minister Peter Altmaier.

A spokeswoman for the Economy Ministry confirmed talks with Thyssenkrupp and the state of NRW, saying Altmaier had made clear his willingness to provide funds to help the steel sector in its shift towards climate-neutral production.

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