German minister rules out nationalization of Thyssenkrupp

Germany is downgrading hopes for state aid to the ailing metallurgical enterprise of the unprofitable conglomerate Thyssenkrupp. German Economy Minister Peter Altmeier said: “I don't believe that nationalization is the right answer at the moment. Such a step will not solve the problems of the industry. Instead, steelmakers needed to develop forward-looking business models that the government would be willing to support financially. ”

The comments came shortly after IG Metall, Germany's most influential union, called on the German government to get involved in a business hit hard by the fallout from the coronavirus crisis. IG Metall Treasurer and Deputy Chairman of the Supervisory Board of Thyssenkrupp Mr. Jürgen Kerner said: “Thyssenkrupp Steel cannot do this on its own. Union is open-minded about the possible size of the bet. It's time for Armin Laschet, State Prime Minister of North Rhine-Westphalia, home of Thyssenkrupp, to step forward and take a stand. "