Thyssenkrupp shuts down steel unit's funding request
FRANKFURT - Thyssenkrupp said on Saturday its steel division must be restructured to fund investment needs with its own earnings, but that the parent company had provided financial security for the next two years.
Sigmar Gabriel of Thyssenkrupp Steel Europe made the funding comment late on Friday after a supervisory board meeting. Lopez said that the purpose of the ongoing turnaround efforts was to enable TKSE to earn enough money on its own to fund its investment needs and to cope with any temporary down cycle in the future.). That should put an end once and for all to any speculation. There was never the danger of insolvency and there won't be now," Lopez said in a statement.
Gabriel, a former federal minister, also said on Friday an external audit would now be carried out before the end of the year to determine the unit's restructuring and funding needs.The sale of TKSE, which is closely tied to Germany's history as an industrial heavyweight, has been fraught with difficulties for years, mostly because the business needs billions of euros to keep investing and regain competitiveness.
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