German Chancellor calls for tougher EU measures against steel imports

Olaf Scholz also does not rule out the state's temporary participation in Thyssenkrupp's steel business.

German Chancellor Olaf Scholz has called for tougher EU measures against steel imports, saying he wants to ensure the long-term future of the industry in the country, Welt reports.

In an interview with the Funke media group, Scholz said that European companies need to be protected from steel dumping from abroad.

The German Chancellor, who is running for a second term in office in the February elections, also announced a meeting with representatives of the steel industry.

Just before this meeting, he made public several points to save the steel industry. In addition to calls for the EU, they include ensuring a reliable electricity price for green steel production and the availability of the entire value chain.

“Steel producers are now investing in alternatives to the classic blast furnace, which can save a lot of CO₂. We subsidize these projects by billions,” Scholz said.

In addition, he did not rule out that Berlin could potentially get a stake in the steel business of the Thyssenkrupp conglomerate. Scholz noted that he was not taking any options off the table. As an example, the German Chancellor cited similar cases where the government has invested to temporarily support affected companies, mentioning Lufthansa, Uniper, and Meyer Shipyards as recent examples.

This commitment is limited in time and “aims to help companies overcome periods of instability so that potential investments do not fail due to lack of own funds,” Scholz said.

As GMK Center reported earlier, Thyssenkrupp intends to cut 11,000 employees in its steel division and its production capacity. These steps are envisaged in the plan for a comprehensive future industrial strategy presented by the Executive Board of Thyssenkrupp Steel Europe.