Scholz Convenes Steel Industry Summit to Address Crisis

The German chancellor seeks to secure domestic steel production through investment, energy price relief, and protection from foreign competition.

German Chancellor Olaf Scholz will host a steel summit on Monday with industry leaders, union representatives, and policymakers to discuss measures to stabilize the struggling sector.
Key topics include ensuring reliable electricity prices, promoting green steel production, and countering the impact of cheap steel imports from China.
Thyssenkrupp, Germany's largest steel producer, plans to cut 11,000 jobs over six years, prompting strong resistance from labor unions and IG Metall.
Scholz has not ruled out temporary state intervention in Thyssenkrupp, citing past examples of government support for critical industries during economic hardships.
The German steel industry faces declining orders and revenues, with a 9.4% drop in orders in Q3 2024 compared to the previous quarter, driven by high energy costs and global market pressures.