Thyssenkrupp on Tuesday said its second-quarter net loss more than quintupled as the coronavirus pandemic hit all business lines at the struggling steel-to-submarines conglomerate. The group posted a 948 million euro ($1.02 billion) net loss in the quarter to March and said that in the current quarter losses could reach up to 1 billion euros, as the group eagerly awaits a cash inflow from the sale of its elevator division. Thyssenkrupp said it had secured a 1 billion euro credit line from German state-owned bank KfW [KFW.UL] to tide it over until it gets the money from buyers Advent and Cinven [CINV.UL], which it expects to happen by the end of September.
from Yahoo Finance https://ift.tt/35RjC0H
Leave a Reply