"Why is steel important for Germany? German's strength as a leading industrial nation is strongly linked to steel production, which rose in tandem with the construction of the railways, military build-ups during two world wars, and the economic revival of the 1950s. The country remains Europe's top steel producer, and the seventh largest in the world, according to the World Steel Association."
"Steel is widely used in many sectors in Europe's biggest economy, from construction to automotive and mechanical engineering, and is an essential component of exports. The sector directly employs only around 80,000 people, according to German industry federation WV Stahl, with many working in the traditional industrial heartland of the Ruhr. But steel-intensive sectors employ around four million people, accounting for two out of three industrial jobs, according to the federation."
"Why is the sector in crisis? China, the world's top producer, has for years been flooding world markets with large quantities of steel at knock-down prices, undercutting German and European producers. Problems worsened for the power-hungry sector when Russia's 2022 invasion of Ukraine sent energy costs surging. While they have since come down, they remain well above levels seen before the war."
Germany convenes urgent government talks in Berlin to support a steel industry facing deep crisis. Steel production underpins the country's industrial strength and many export sectors, with Germany the top producer in Europe and seventh worldwide. The sector directly employs about 80,000 people, while steel-intensive industries sustain around four million jobs, comprising two-thirds of industrial employment. The crisis stems from years of cheap Chinese steel flooding global markets and a surge in energy costs after Russia's 2022 invasion of Ukraine. Production has remained 10–15 percent below 2022 levels and many plants face closure.
Read at The Local Germany
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