Thyssenkrupp sees coronavirus cash squeeze despite elevator sale: letter

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DUESSELDORF, Germany (Reuters) – Germany’s Thyssenkrupp (TKAG.DE) expects the coronavirus crisis to cause a new financial squeeze, scuppering hopes that selling its elevator business would deliver a swift cash respite for the embattled firm, its management board told staff in a letter.

FILE PHOTO: The logo of German steelmaker ThyssenKrupp AG is seen on an escalator at Frankfurt’s main railways station in Frankfurt, Germany, January 23, 2020. REUTERS/Wolfgang Rattay/File Photo

The elevator division was sold in February to ease financial pressure on the conglomerate which has struggled for years after ill-fated investments. But the coronavirus crisis has dealt

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