Industry representatives from the steel sector are set to receive an invitation for a summit from Merz. - Industrious figure Merz extends invitations to steel industry pioneers for a series of decisive meetings
The German government is set to convene a summit at the Chancellery to discuss the long-term sustainability of the steel industry. The move comes after coalition talks in Berlin and calls for an industry meeting from Vice-Chancellor Lars Klingbeil (SPD) and several federal states.
The summit, led by CDU leader Friedrich Merz, will bring together representatives from the steel industry, including producers and employee representatives. The aim is to make steel production sustainable in Germany, a goal that has become increasingly important due to recent challenges faced by the industry.
One of the main issues at the heart of the discussion will be the impact of tariffs in the US. President Donald Trump recently increased tariffs on steel and aluminum imports to 50 percent, a decision that has put pressure on the German steel industry. Hundreds of additional products are now subject to these tariffs, further complicating matters for German producers.
The steel industry in Germany is also facing struggles from another direction - fierce competition, especially from Asia, high energy prices, and economic weakness. These factors have contributed to a decline in domestic raw steel production in the first half of the year, with production falling by around 12 percent to 17.1 million tons, according to the German Steel Federation.
In addition to tariffs and competition, the summit will also consider potential aid for the struggling industry. The German federal government is considering various measures to support the sector, with the goal of ensuring its sustainability in the long term.
The summit is a significant step in addressing the challenges facing the German steel industry. By bringing together key stakeholders and focusing on finding solutions, the government hopes to secure the future of steel production in Germany. The discussions at the summit will be crucial in shaping the industry's path forward.
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