Steel industry in crisis: Scholz plans European summit for solutions!

Steel industry in crisis: Scholz plans European summit for solutions!

Amid a tense political situation, the current red-green minority government is planning measures to relieve consumers and companies from high electricity costs. According to the Federal Ministry of Economics, the approved proposal for a federal subsidy includes the huge sum of up to 1.32 billion euros. Federal Minister of Economics Robert Habeck emphasizes that this grant should enable a short-term reduction in network costs as early as 2025 in order to strengthen the competitiveness of Germany as an industrial location Time reported.

At the same time, after a meeting with representatives of the steel industry, Chancellor Olaf Scholz called for a European steel summit to find solutions for the crisis-ridden industry. He wants to ensure that important relief instruments for the steel industry remain in place or are improved and is committed to ensuring that distortions of competition through dumping and subsidies are seriously addressed. However, the opposition expresses sharp criticism and doubts the feasibility of these plans, as the government is under pressure from the FDP's exit from the coalition and its influence has declined. Julia Klöckner from the CDU/CSU says that they are just declarations of intent and that nothing can be implemented in this way, while Jörg Cezanne from Die Linke is calling on the government to stop with the “summit theatre”, as fundamental measures for the industry have not yet been implemented, reports young world.

Criticism of the electricity price policy