Steel coils are waiting for delivery at the storage and distribution facility of German steel maker ThyssenKrupp in Duisburg, Germany, November 16, 2023.
Bernhard Osburg, president of the German steel association and CEO of Thyssenkrupp's (TKAG.DE) steel division, the country's top steelmaker, told reporters that it was vital for Germany to protect its future competitiveness.
His comments highlight major uncertainty within Germany's industrial firms, which are already struggling with local economic conditions and are increasingly looking to alternative, more favourable, markets, such as the United States.
So he called on Berlin to hold a summit soon with German industry leaders to provide answers on how these investments could be protected, warning of an "utmost pressure to act".
Germany's steel sector, which apart from Thyssenkrupp also includes Salzgitter (SZGG.DE), directly employs around 80,000, while around 4 million jobs indirectly depend on it.
Persons:
Wolfgang Rattay, Bernhard Osburg, Osburg, Berlin, Chancellor Olaf Scholz's, Christoph Steitz, Miranda Murray
Organizations:
REUTERS, Thomson
Locations:
Duisburg, Germany, Berlin, FRANKFURT, United States, decarbonisation, Thyssenkrupp