BERLIN / LONDON (IT BOLTWISE) – The German steel industry is facing major challenges. Federal Chancellor Friedrich Merz is discussing measures to support the ailing industry with industry representatives and members of the government. High energy prices and the pressure to produce climate-friendly products are putting pressure on companies.
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The German steel industry is in a deep crisis caused by a combination of increased energy prices, cheap imports and the costs of transitioning to more climate-friendly production. Chancellor Friedrich Merz has therefore called a ‘steel summit’ to discuss possible support measures with representatives from the industry and politics. High-ranking government members as well as company and employee representatives take part in the meeting.
A central topic of the summit is the introduction of an industrial electricity price from 2026, as announced by Economics Minister Katherina Reiche. This measure is intended to strengthen the competitiveness of the German steel industry, which is suffering from high electricity costs. The extension of electricity price compensation is also being discussed in order to reduce the financial burden on companies.
The EU Commission announced protective measures for the domestic steel industry at the beginning of October in order to reduce the pressure from cheap imports. These measures are part of a broader strategy aimed at securing European steel production and protecting jobs. The focus is on promoting innovation and supporting the transition to more environmentally friendly production methods.
The challenges for the German steel industry are diverse. In addition to the economic burdens caused by energy prices and tariffs on steel imports into the USA, the industry is also faced with the task of making its production processes more sustainable. This requires significant investments in new technologies and infrastructure to ensure long-term competitiveness.
The ‘Steel Summit’ in the Chancellery is an important step in setting the course for the future of the German steel industry. The results of the meeting could be crucial in determining how the industry overcomes current challenges and prepares for the future. Experts emphasize the need for close cooperation between politics and business in order to develop sustainable solutions.
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