German Minister Urges Action to Save Struggling Steel Industry
Olaf Lies, the Minister President of Lower Saxony, has urged for decisive political actions like robust trade protection and fair competition through CO2 border adjustment to support the struggling German steel industry. The sector faces immense pressure from energy prices, international competition, and a slow transformation.
The steel industry, deemed the backbone of Germany's industrial value creation, finds itself at a critical juncture. IG Metall, the largest trade union in the German metal and electrical industry, has demanded a consistently reliable electricity price of 5 cents per kilowatt hour and the swift development of hydrogen infrastructure to keep the sector afloat.
A steel summit of the federal government is impending, with IG Metall pushing for binding decisions to provide planning security and social safeguards for employees. Thorsten Gröger, the regional leader of IG Metall, has cautioned that without decisive industrial policy support, Germany's industrial heart could vanish.
The German steel industry, under severe pressure, awaits the upcoming steel summit. IG Metall's demands for reliable energy prices and swift infrastructure development are echoed by political figures. The industry's future hangs in the balance, with the potential loss of Germany's industrial core if supportive measures are not taken.
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