Germany's Steel Crisis: Losing Jobs, Billions

Germanys steel industry faces an existential crisis due to rising energy costs and cheaper imports, threatening up to 50 billion euros in annual economic loss and 30,000 jobs. Chancellor Friedrich Merz and Finance Minister Lars Klingbeil discuss securing the sectors future with greater economic self-reliance. Chinas subsidized steel industry poses global competition challenges, leading to EUs consideration of tougher trade measures. Germany explores options to reduce energy costs for heavy industries, including a proposed industrial electricity price, and calls for investment in climate-friendly steel production.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.