German Chancellor Scholz Proposes Three-Point Plan to Support Steel Industry

Ahead of a planned steel summit, Scholz outlines measures to stabilize the sector, including potential state involvement in Thyssenkrupp and protections against foreign competition.

• Chancellor Olaf Scholz has called for a steel summit on Monday to address challenges in Germany's steel industry, including job cuts and rising production costs.
• Scholz unveiled a three-point plan focusing on affordable electricity for greener steel production, investment in new technologies, and protection against dumping practices from foreign competitors.
• The Chancellor emphasized the geostrategic importance of maintaining a strong domestic steel sector for industrial and national security purposes.
• Thyssenkrupp, Germany's largest steel producer, plans to cut 11,000 jobs by 2030, prompting significant concern from labor unions and worker representatives.
• Scholz has not ruled out temporary state investment in Thyssenkrupp to help the company through financial difficulties and ensure long-term stability in the industry.

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