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Thyssenkrupp mulls state aid for steel division -Manager Magazin

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·1-min read
FILE PHOTO: A steel worker of Germany's industrial conglomerate ThyssenKrupp AG takes a sample of raw iron from a blast furnace at Europe's largest steel factory in Duisburg
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BERLIN (Reuters) - Thyssenkrupp is mulling applying for state aid to strengthen its steel unit financially ahead of a spin-off, Manager Magazin reported on Friday.

The company has held preliminary talks with North Rhine-Westphalia's regional government on possible aid, but it will actively pursue the matter after the federal elections in September, the magazine added, without citing sources.

Thyssenkrupp declined to comment.

After terminating sale talks with Liberty, Thyssenkrupp is now focusing on cutting costs at its steel unit, Europe's second-largest, to catch up with rivals, hoping to eventually list the business or merge it with a peer.

(Reporting by Riham Alkousaa; Additional reporting by Tom Kaeckenhoff; Editing by Maria Sheahan)