Constellium obtains a State loan of 180 million euros to get recovered from COVID-19 hit
A decree from the Ministry of Finances, published on Saturday in the Official Journal, suggests that the State has guaranteed a loan of 180 million euros to the Constellium group, specialised in aluminium products.
The state guarantee is provided to a loan granted to Constellium by the banks BNP Paribas, Société Générale, and Bpifrance, as per the measures announced by the government to support companies hit by the coronavirus crisis.
Constellium manufactures aluminium products mainly for the automotive, aeronautical, and packaging markets. Last year, it passed from a company under Dutch Law to a European company status, with headquarters in Paris.
In Q1 2020, the group recorded a net loss of 31 million euros and sales down by 6 per cent, owing to a drop in demand in Europe and North America in the automotive and aeronautical sector, in the wake of the COVID-19 outbreak.
Constellium has 25 production sites in Europe, North and Central America, and China, with total 13,000 employees, including 4,500 in France.
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